Arkansas earns A- for business friendliness

May 18, 2012

A survey conducted by Thumbtack.com in partnership with the Ewing Marion Kauffman Foundation found Arkansas is the second easiest state in which to start a small business.

The Thumbtack Small Business Survey, which involved 6,000 small business owners from across the nation, gave Arkansas an overall grade of “A-.”

Arkansas ranked 12th nationally in overall small business friendliness, the survey showed. Idaho topped the ranking.

Arkansas earned “A” grades for making it easy to start a business, for its licensing practices and its training programs.

The survey found Idaho was the only better state for its ease in starting a business.

The complete survey results are available at the link:

Kauffman Foundation Research

 

 

 

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Benton, Washington Counties among Fastest Growing

Northwest Arkansas’ largest counties were among the five fastest growing places in the state, according to population estimates released today by the U.S. Census Bureau.

The Census Bureau estimates that Benton County — the state’s second largest county and the home of companies such as Wal-Mart Stores, Arvest Bank and J.B. Hunt Transport Services — led Arkansas in growth in the 15-month period that ended in July 2011. Benton County’s population grew 2.8 percent to 227,556 residents.

Washington County — home of Tyson Foods and the University of Arkansasranked fourth statewide in growth rate. With 207,521 residents, the county is Arkansas’ third largest county.

If the overall 2.5 percent growth rate of the two counties were to continue, the combined population would reach 500,000 in 2018.

Benton and Washington counties are the core of the Fayetteville-Springdale-Rogers Metropolitan Statistical Area (MSA), which also includes Madison County and McDonald County, Mo. The Census Bureau reported in April that the four MSA counties’ combined population was 473,830 on July 1, 2011. Only 22 of the nation’s 366 MSAs grew at a faster rate between April 2010 and July 2011.

Other statistics gleaned from the Census Bureau’s information about the 15-month population change:

  • Arkansas’ population increased by 22,064. The state’s population should top 3 million in 2015.
  • About one in four new Arkansas residents lives in Benton County (28.2 percent).
  • About half of the Arkansas population growth occurred in Benton and Washington counties (48.3 percent, 10,673 people).
  • Benton and Washington counties’ addition of 10,673 residents is more than Central Arkansas’ four largest counties (Pulaski, Garland, Saline and Faulkner counties combined added 10,162 residents).
  • In an area that includes Arkansas, Kansas, Missouri and Oklahoma, only three counties added more residents than Benton County, Ark.
  • Benton County’s addition of 6,217 people exceeded every county in states such as Alabama, Missouri and Mississippi.
  • 28 of the Arkansas’ 75 counties increased in population.

The U.S. Census Bureau’s population estimates are available for download at:

Population by County

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Widening I-540 to Six Lanes Starts this Summer

A Fayetteville company was picked to widen an initial section of Interstate 540 to six lanes, but widening of the highway all the way from Fayetteville to Bentonville hinges on a sales tax vote in November.

APAC Central will receive $5.8 million to widen the region’s busiest highway from Martin Luther King Boulevard to Wedington Drive. It is a 1.45-mile segment, and the contract allows for 75 working days to complete the project.

The Arkansas Highway and Transportation Department has promised to widen I-540 to six lanes in a 25-mile course in Benton and Washington counties if voters approve the temporary, half-cent sales tax on Nov. 6. There are six other I-540 sections to widen, and only one of those segments has dedicated funding.

“Our state’s commitment to widening I-540 is critical to reducing traffic congestion, improving quality of life and enhancing our region’s economic vitality,” said Mike Malone, the Northwest Arkansas Council’s president and CEO. “A better I-540 makes Northwest Arkansas a better place.”

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Wal-Mart Revenue Increases, but Slips to Fortune’s No. 2

Wal-Mart Stores, the Northwest Arkansas-based company that’s the world’s largest employer, increased its annual revenue but slipped to second on the latest Fortune 500 list.

Fortune magazine announced its list on Monday, May 7, and the full list is at Fortune 500 2012

Headquartered in Bentonville, Wal-Mart’s annual revenue increased to almost $447 billion, up from $421 billion last year. However, Texas-based oil company Exxon Mobil rose to No. 1 as higher oil prices helped its revenue increase from $355 billion last year to more than $452 billion this year.

Wal-Mart held the No. 1 position in 2010 and 2011 and it has jostled with Exxon Mobil for the top spot over the past decade. Wal-Mart was first recognized as the nation’s largest company in 2002 and it’s been recognized as the nation’s largest company seven other times.

Tyson Foods, which is based in Springdale, increased its revenue, too, and it is No. 96 on Fortune magazine’s annual list. Its revenue rose to $32.3 billion, up from $28.4 billion last year.

In all, Arkansas has four companies in the Fortune 500, more than 24 other states. The other states with four companies on the list are Nevada and Oklahoma.

Arkansas’ other Fortune 500 companies are El Dorado’s Murphy Oil (No. 98) and Little Rock’s Dillard’s (No. 383).

What’s remarkable about Wal-Mart is how much bigger it is than so many other Fortune 500 companies. It’s more than six times the size of Target, ranked No. 38 and one of its top competitors.

Other information about the Arkansas companies on the Fortune list:

  • Wal-Mart’s revenue of $447 billion is more than the combined revenue of the 24 Virginia companies on the list ($355 billion) as well as the 15 Georgia companies ($317 billion).
  • Just 12 states have more Fortune 100 members than Arkansas. New York leads the way with 17 Fortune 100 members.
  • Kansas City, which has three Fortune 500 companies (Sprint Nextel, Seaboard and YRC Worldwide), is the only metropolitan area within a 300-mile drive of Northwest Arkansas with more Fortune 500 companies than Northwest Arkansas (Wal-Mart and Tyson Foods).
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Tyson Foods Earns Corporate Citizen Honor

April 30, 2012

A national magazine has recognized Springdale-based Tyson Foods as one of the nation’s Best 100 Corporate Citizens.

The ranking by Corporate Responsibility magazine is based on such things as employee relations, corporate governance, philanthropy and financial performance.

Cincinnati, Ohio-based Proctor & Gamble, which has a large Fayetteville office, is also among the companies recognized by the magazine.

Many of the Top 100 companies identified by Corporate Responsibility magazine have smaller offices in Northwest Arkansas so they can effectively do business with Tyson Foods and the other large companies based in the region.

“Our overarching mission is accountability,” the magazine wrote on its website. “We believe it’s vital for investors, regulators, customers, suppliers, employees, and neighbors to know as much as possible about the companies they invest in, do business with, and work for.”

A complete list of the 100 companies identified on the Best Corporate Citizens list can be found at the link:

Best Corporate Citizens

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