As we look at the continued development of the commercial real estate market here Rogers specifically, and Northwest Arkansas in general, there are several sectors of job growth that are key for our area.
This post at GreaterNorthwestArkansas.com has some neat graphs and PDF’s to download.
Basically there are three key job sectors currently in Northwest Arkansas:
- Wal-mart and Suppliers (Vendors)
- Food Processors (Tyson and friends)
- Transportation (JB Hunt and like minded folks)
As we look for diversity in our economic mix, these were identified as key areas because of the fact that: they either already exist in Northwest Arkansas, they will bring significant money to NWA and they will bring strong growth to the Fayetteville, Springdale, Rogers, Bentonville area.
- Professional Services and Regional Offices
- Sustainable technologies and Business Processes
- Arts, entertainment, and tourism
- University let technology development
- Health care
Be sure to read the full report on target job growth sectors at the following link: NWA Target Cluster Analysis.pdf. Comment below on how you feel it will affect Rogers Commercial Real Estate in particular. Here is the intro to the report:
The location and success of multiple global headquarters operations has fast-tracked
economic growth within Northwest Arkansas in recent decades. For years, growth did
not need encouragement and the region continued to prosper despite the absence of
a comprehensive regional Economic Development Plan. The last effort to help guide
regional economic development efforts was completed in 2001. But the current
economic climate has illustrated that no region is immune to national conditions,
and Northwest Arkansas’ competitors are more proactive than ever. Very simply,
Northwest Arkansas can no longer afford to be only reactive. The region has reached
a size and level of maturity that suggests a more comprehensive plan is needed to
promote quality job growth and investment in diverse business sectors through a
cohesive regional approach to community and economic development.Other recent studies found that competition among Northwest Arkansas’ five major
communities is believed by many to hinder the region’s overall competitiveness.More specifically, the lack of a concerted regional economic development effort to
guide community-level programs, champion major regional initiatives, and promote
a regional brand were all cited as key issues hindering Northwest Arkansas’ potential
to maintain positive economic momentum.In light of these concerns and the continued strain of national economic recession, a
new strategic plan is needed to guide Northwest Arkansas’ economy in the coming
years. The Northwest Arkansas Council has initiated a process on behalf of the region
through which such a blueprint will be built.
