AEDC recognizes National Economic Development Week, celebrates new jobs and investments

Editor's note: The following is an op-ed by AEDC Executive Director Mike Preston.

Arkansas is proud to join local communities in the state and around the country to celebrate National Economic Development Week May 7-12. Each day, the Arkansas Economic Development Commission (AEDC) promotes economic well-being and quality of life by supporting businesses that are creating, retaining and expanding jobs that facilitate growth, enhance wealth and provide a stable tax base.

The International Economic Development Council is the largest professional membership organization for economic developers and has coordinated the national week to coincide with its 92nd anniversary. The aim is to recognize the profession and the professional, and is endorsed by the U.S. Economic Development Administration within the U.S. Department of Commerce.

As I travel around the state, I hear from people who want better paying jobs and from businesses that want workers with the skills necessary to fill current and future positions. The AEDC works with stakeholders each and every day to align these two groups and their needs closer together to make reaching both of these goals possibilities.

I am proud to say that since January 2015, AEDC has signed incentive agreements with 364 new and expanding companies – both U.S. and internationally-based businesses – that have committed to hiring Arkansans and investing more than $8 billion in our state and local communities. More than 14,000 new competitive jobs have been created as a result of these projects at an average wage of almost $44,000 a year. And, that doesn’t include the number of other ancillary jobs that have been created as our economy continues to grow and prosper. Arkansas’s unemployment rate has remained below the national average for 36 consecutive months and currently stands at 3.8 percent.

But there is still much work to be done.

In an effort to ensure our communities are ready to win new jobs and investments, the Competitive Communities Initiative (CCI) launched in March. The initiative is the result of AEDC’s overarching strategic plan to grow and diversify the state’s economy, developed with input from communities, site selection consultants, and utility partners. Through an evaluation process, communities gain insight to their strengths and weaknesses with regard to their economic development organizational structure, funding, workforce, and product readiness. Those communities that complete the process – which will be ongoing – and address any deficiencies will be better positioned to attract investments and jobs that suit their workforce. So far, more than 20 communities have committed to the program.

The first Military Affairs Grant Program award of $70,000 was awarded to White Hall. A recent economic impact study of military installations in Arkansas revealed that military business interests account for $4.5 billion annually and employs 60,000 people. The Arsenal’s annual impact is about $142 million, supports 650 jobs and creates another 400 indirect jobs.

The Arkansas Partnership for Data Analytics and Computing is addressing ways to recruit and develop talent in data analytics and computing. And, Gov. Asa Hutchinson’s Computer Science Initiative is garnering national momentum as it continues to expand to include not only high-school students, but also K-8 students, higher education, and adults. More than 6,000 Arkansas high school students are enrolled in computer science courses this year, a 460 percent increase in enrollment since 2015. Approximately 700 of these students are taking more than one course. 

In addition to being the first state to require all public high schools to provide classes in computer coding, Arkansas is the first state to write and mandate grade-specific standards for K-8 students. While it will be a few years before these students are in the workforce, we are already addressing today’s needs thanks to such partnerships as the Arkansas Coding Academy, the cyber range at the University of Central Arkansas, and our two- and four-year degree programs.

This is a sampling of the many projects and programs that are strategically working to improve prosperity and the quality of life for all Arkansans. We are honored at AEDC to play a part with help from the legislature and Gov. Hutchinson to implement policies and programs that improve the business climate in the state to make Arkansas once again the land of opportunity.