Economy - Little Rock Homes Guide

Economy

Little Rock has been named as the second most diverse economy in America. Scoring a 95.1 out of a possible 100. Little Rock’s economy and employment profile match almost perfectly with the rest of the Nation’s, meaning that Little Rock has an increasingly strong, stable growth.

Forbes magazine ranked Little Rock 21st out of 150 metropolitan areas on its list of the best places in America for business and careers. The ranking was based on income, job growth and cost of doing business, as well as labor, crime rates, housing costs.

Expansion Magazine also named Little Rock among America’s 50 Hottest Cities for business expansion. To compile cities for this list, prominent site location consultants from all over the country were asked to list their top city choices for the following categories: relocating and expanding manufacturing, distribution, back office, or headquarters facilities.

Major industries in Little Rock include medical and service industries, government and manufacturing. Over 24,000 people are employed in manufacturing along, while more than 274,100 hold service-related jobs.

Another strong indicator of stability and growth is the Little Rock National Airport, where for the 12th year in a row, more than a million have boarded planes. For a mid-sized city, that’s a large number of travelers, many of whom are on business.

Driving in Little Rock has changed drastically in the past 20 years. When traveling south on Interstate 30 into the city, the Alltel Arena stands out prominently among the skyline.

Little Rock has seen structural change in the last decade, ranging from small-scale to large-scale skyline overhaul. This change has proven to be predominantly positive for the city. 10 years ago, the buildings downtown were neglected, with broken windows, falling apart and many were even condemned. After dark, the town became a ghost town. The only time that any residents would come out would be for RiverFest and to go to work..

City officials decided that revitalizing downtown Little Rock would revitalize the economy. It was an enormous undertaking, both financially and public works wise, but when it was completed, the new downtown was a site to behold and be proud of. The residents of Little Rock watched as the desolated downtown was transformed into modern times.

City officials hoped that the transformation would attract businesses from nation wide if not worldwide. All of this change did not come without a large-scale effort by many; it was done through creativity with funding by tax dollars, private investments and a lot of good fortune. People can now feeling comfortable opening a business downtown and actually staying open after dark.

The residents of Little Rock now stroll the streets of downtown Little Rock window shopping, grabbing a hot dog from a street vendor, or if they would like a sit down meal, the new sidewalk cafes offer anything from pizza and beer to fried fish and French fries.

Most residents agree that the one thing that is now shared in downtown Little Rock is the laughter and optimism. To date, it's estimated that $1.5 billion in public and private money has gone into downtown redevelopment.

What's referred to as downtown is firmly anchored by the Alltel Arena. The Argenta neighborhood is the city border on the north side of the Arkansas River, the state Capitol on the west, the Quapaw Quarter to the south, and the massive Clinton Presidential Center and Heifer Project International headquarters are the city border to the east.

With Acxiom Corporation’s 2003 completion of a 12-story office complex, about 700 employees made the River Market district their new workplace. With the revitalized economy, city official are anticipating seeing the sales in this downtown area continue to explode.

In 1999, the River Market opened in an area that had little else nearby. As a pioneering market, the River Market attracted visitors to the new food mall and farmer's market by creating a downtown destination. After attempting to open once before in 1996, the River Market is finally getting legs. It’s first attempts to open are said to have failed because it offered little entertainment: no museum, no promise of the library, no art, no lofts, no skating rink, January and February was tough, cold, rainy and scary. There was literally barren space for the winter months.

After its failed attempts, the River Market began to bustle again with commercial energy with the opening of the Museum of Discovery and the library. Coniciding with the liveliness and return to downtown, the River Market was, for the first time, entirely full. Today, vendors are invited to jam into 5,000 square feet to share their diverse offerings. Among those items to purchase are Japanese and Middle Eastern cuisine, pasta and pastries, flowers and newspapers and, of course, that ever-popular Southern staple: a good old fashion barbecue sandwich.

There are approximately 100 farmers that truck fresh produce to the farmers' market on Tuesdays and Saturdays during the growing season. The venue has become so popular, in fact, that additional vendors are now spilling over into the newly designated “blue tarp area,” located on a walkway overlooking the Amphitheatre.

The Market's third-floor meeting space facility opened two years ago with the hopes of renting it 25 times the first year. Instead, it rented 162 times. It's now booked solid year-round! The Market is a true litmus test for the growing economic vitality in Little Rock and gives hope to city planners and residents that the city will continue to grow and thrive.

In the 1970’s, downtown businesses banded together to build a pedestrian mall on the once-thriving Main Street. All of the expansion and renovation was done through private funds and labor. However, the effort failed to help businesses in the area. In the next decade, private investors tried with a stylish redevelopment of the commercial buildings between Capitol and Sixth on Main. This attempt at revitalization quickly followed the first failure into the history books, leaving city officials worried about the community’s reluctance to accept and embrace change. Officials took action and brought about change through renovation and structural growth.

The 1970s and '80s did see progress as the fancy Excelsior Hotel and a new modern convention center were built. Another meeting hall called the Robinson Center was also made over and the Capital Hotel was elaborately renovated in the same decade. This was a sign to city officials to hang in there that times would change.

Public officials moved ahead. Little Rock Mayor Jim Dailey, North Little Rock Mayor Patrick Hays and nearby Pulaski County Judge Buddy Villines developed a new plan to build a new arena in North Little Rock. They also decided to extend the convention center and impose a county sales tax.

The complex ties together the abandoned Rock Island Railroad Bridge and Choctaw Station. The new complex replaces a decapitated old industrial spot east of the River Market. Complete with a 27-acre park, the new area is built to host festivals, theater and musical performances. It also includes trails for walking, picnicking and open areas in which to spend time. This complex is the largest private construction project in Little Rock to date.

The new Clinton Library is said to be greatly undervalued by Little Rock residents. The complex is large and occupies too much of the city land to make residents feel comfortable embracing it.

However, the Heifer Project International is building its world headquarters and global village/tourist attraction on 30 acres adjacent to the Clinton library. These new additions to downtown are slated to spark not only statewide and national interest, but also international appeal for Little Rock. They have already increased the hotel industry's willingness to invest additional dollars into downtown.