Arkansas Economy

Asa Hutchinson governor
Michael Hibblen / KUAR News

Gov. Asa Hutchinson said Thursday the state’s unemployment rate will be announced as 3.7 percent Friday and said he hopes disputes over trade policies end soon.

The state’s previous unemployment rate was 3.8 percent. Hutchinson preempted an announcement by the Department of Workforce Services by a day while speaking at an agricultural summit in Little Rock.

The Advancing American Agriculture: Ag Technology & the Law conference was hosted by the National Ag Law Center, the National Association of Attorneys General, and the Agriculture and Food Law Consortium.

Aerojet Rocketdyne CEO Eileen Drake with Arkansas Gov. Asa Hutchinson at Wednesday's announcement that the company will be expanding its south Arkansas facility.
Governor's Office

Arkansas’s ongoing efforts to grow the state’s aerospace and defense sector got a big boost Wednesday after Sacramento, Calif.-based Aerojet Rocketdyne unveiled plans to expand the company’s solar-powered rocket motor manufacturing facility in East Camden.

In a press event at the Governor’s Conference room at the State Capitol, Gov. Asa Hutchinson and Aerojet CEO and President Eileen Drake announced that the California defense contractor would invest more than $50 million to expand its sprawling south Arkansas armaments factory and hire 140 new workers over the next three years.

Arkadelphia
Nick Juhasz / Wikimedia Commons

The consequences of President Donald Trump's trade battle are hitting home in one rural Arkansas town.

Arkadelphia has been planning on a new paper mill and the hundreds of jobs it would create since the project was announced two years ago by a Chinese company.

But optimism has been giving way to concern in recent months amid Trump's escalating trade dispute with China.

Arkansas budget coffers were flush with new revenue entering fiscal year 2019 as strong sales tax collections and rise in car purchases reflected near across-the-board growth in most segments of the state’s economy, according to the monthly revenue report released Thursday by the Arkansas Department of Finance.

Hotel Pines
Michael Hibblen / KUAR News

A $35 million project is underway in Pine Bluff to restore the once-grand Hotel Pines. The 105-year-old structure at the corner of 5th Avenue and Main Street was designed by George Mann, the same architect who designed the Arkansas state Capitol and the Marion Hotel in Little Rock.

Lance Cheung/Flickr

Advocates for the hungry in Arkansas are hoping the U.S. Senate’s farm bill will not include House-approved work requirements for the Supplemental Nutrition Assistance Program  (SNAP). All four members of Arkansas’s House delegation voted for the $867 billion farm bill, which requires most able-bodied adults work 20 hours per week or enroll in job training in order to keep food benefits.

Arkansas Hunger Relief Alliance Director Kathy Webb worries the work requirement will end up harming those that SNAP is supposed to benefit.

Mary Hightower / University of Arkansas Division of Agriculture

With talk of tit-for-tat and trade wars dominating national business headlines, the impact of retaliatory tariffs on American products and commodities is giving some Arkansas agriculture officials pause.

WWW.JAREDFORARKANSAS.COM/

Democratic gubernatorial challenger Jared Henderson tells KUAR he is in favor of an initiative to raise Arkansas's minimum wage to $11 an hour. Gov. Asa Hutchinson has yet to comment and Libertarian Mark West opposes the ballot measure, as well as the concept of a minimum wage.

The ballot item would incrementally raise the state's minimum wage to $11 an hour by 2022. It’s currently $8.50 an hour. Canvassers need to collect 67,887 valid signatures to qualify the initiative for the November ballot.

Henderson calls the gradual approach “thoughtful” and “responsible.”

Arkansas finance officials say a drop in corporate tax collections kept the state's revenue below expectations in May.

The Department of Finance and Administration said Monday that the state's net available revenue in May totaled $347.4 million, which is $8.1 million below the same month last year and $9.6 million below forecast. The state's net available revenue for the fiscal year that began on July 1 totaled $4.9 billion, which is $44.2 million above forecast.

jobs unemployment employment
www.purdue.edu

Three counties in Arkansas are hoping a new initiative will improve the employability of their populations. Monday at the Capitol, Gov. Asa Hutchinson announced the ACT Work Ready Communities Initiative.

Jefferson, Arkansas, and Grant counties have begun the process to receive a designation as ACT Work Ready Communities. Lou Ann Nisbett, president of the Economic Development Alliance of Jefferson County, initiated the tri-county effort.

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