Job Growth
The strategic plan for the Northwest Arkansas Council identifies eight target job growth sectors that give us our best potential for growing high-wage jobs in Northwest Arkansas. The jobs are grouped in clusters that are either poised for near-term growth or are areas in which we already have substantial assets and expertise on which we need to build.
The eight identified job growth sectors are highlighted below and a full report on target job growth sectors is available at the following link: NWA Target Cluster Analysis.
Historic job growth sectors
As we look for ways to increase jobs and economic opportunities, we continue to work to strengthen and support our flagship industries. We are confident there will continue to be many opportunities to build jobs and economic opportunities in industries and areas associated with our largest employers.
Job growth opportunities surrounding our historic industries include:
Diversification of job growth sectors
We also look for ways to diversify our economic mix. A number of key target growth sectors were identified because they have an existing presence in our region, they can bring significant new dollars into the economy, and they have excellent prospects for growth. Most important, as wealth-creating sectors, they provide the best opportunity to improve the quality of life for the most residents of Northwest Arkansas.
The five additional job growth areas of emphasis are:
State of Arkansas Priorities
The Arkansas Economic Development Commission (AEDC) leads statewide economic development and has created targeted strategies to produce better paying jobs, promote communities and support the training and growth of a 21st century skilled workforce. The specific target sectors identified by the State of Arkansas are:
- Green Energy & Related Products
- Green & Sustainable Building Products & Fixtures (Forest, Steel, Appliances/Electronics)
- Sustainable Agriculture – Bioenergy & Supporting Industries
- Power Electronics (Smart Grid Enabling Technologies)
- Solar Component Manufacturing
- Wind Component Manufacturing
- Advanced Manufacturing
- Advanced Food Manufacturing & Packaging
- Aerospace/Aviation
- Automotive (Electric Cars & Suppliers)
- Energy Storage Devices
- Paper & Timber Products
- Information Technology
- Data Centers
- Software Development & Data Management Services
- Technical Support Centers
- Telecommunications
- Other
- Biosciences
- Distribution & Logistics Services
- Regional Headquarters
The Importance of Clusters
Clustering gives businesses and institutions an advantage over more isolated competitors by providing access to valuable resources. These resources include diversified and/or customized suppliers and support services, skilled labor pools, and networking opportunities to facilitate transfers of knowledge. But now the time is right to move beyond single-industry clusters. Diversification is crucial in successful business strategies, and diversified clustering is the next big step for communities. Distant rivals will not be able to replicate the competitive advantage of a community that creates multiple clusters “within” a strategic focus.