Northwest Arkansas: A Growing and Dynamic Region
Northwest Arkansas is one of America's fastest growing and most dynamic regions. People are welcome to enjoy all of the experiences offered in the Northwest section of the Natural State, whether they are visiting for business or pleasure. The region's historic downtowns and dynamic entertainment districts have been acknowledged as top destinations for shopping, dining, and the arts. There are outdoor amenities that are linked to numerous state parks to demonstrate the region's amazing railroad system. There includes a floral garden as well as many gaming options. To entice investors, each city offers something unique and special. People deciding to move to Northwest Arkansas find great surprises. The average price of owning a home in Washington and Benton is estimated to be below $ 200,000 and the regions overall cost of living is estimated to be too far below the average. In the region, pay checks to go farther because there are high per capita and individual income levels accompanied by the low cost of living index. The persons owning homes in other metropolitan states are capable of upgrading once they settle in Northwest Arkansas.
Unique Communities in Northwest Arkansas
Each community in the region is special and unique in its own way. The home that's right for an individual will depend on the community in which he/she lives. When we take a look at Northwest Arkansas, there are neighbourhoods and citifies fitting a range of individual needs such as personal preferences, architecture and individual interests. In the region, there are family homes with big yards, townhouse in a walkable neighbourhood among others. Some of the towns in Northwest Arkansas such as Fayetteville have hold into the great history while keeping up with human needs of the growing population.
Change in Economy
The year 2015 offered a share of challenges and developments as growing Northwest Arkansas continued to develop infrastructure for its growing population. While increasing overall jobs than any other area in the state, Wal-Mart stores pushed up its management teams and pared down its employees thus rendering the local suppliers to pause their activities. Additionally, consumer confidence in the area was also lifted due to affordable home prices and commercial investments that flourished in downtown following various projects. These make the top business stories in Northwest Arkansas in 2015. As a result of Wal-Mart opening up in the region, the following changes were noted.
Rapid Growth and Economic Outlook
Northwest Arkansas has been growing at a remarkable rate for the last fifty years. However, such robust growth was not resistant to the financial crisis in 2008 and its subsequent recession. Since the start of 2007, the region has been experiencing population growth that is deemed to be below average. While the later stages are marked with slowed population growth, income growth has returned to long-run average rate after experiencing the great recession (Charles & Michael, 21). All the counties in Northwest Arkansas are reported to be doing well with the average income growth that is being experienced.
Promising Economic Growth
Between 2006 and 2013, the new housing permits for private housing decreased to less than 60 percent with that of a National state declining to less than 45 percent. Despite the uncertainty associated with recent population increase, there is likely reflection of economic growth in the region when compared to the nation. It, therefore, paints an optimistic outlook of economic growth in Northwest Arkansas. In 2013, the economy of the region grew by 5.6 percent that was estimated to be three times the rate of national state and faster than the nearby metropolitan states (Charles & Michael, 21).
Road Constructions
Concrete barricades and orange barrels are the regularly seen structures in major towns such as Washington and Benton as several road projects were underway. The construction is expected to progress towards 2019. The opening of Wal-Mart in the region as foreseen led to completion of several projects. For instance, in 2014, four projects were executed, and in 2015, more than six projects were completed.
Increased Home Prices
As a result of Wal-Mart in opening up in the region, there was a sharp increase of real estate values 2015, hitting almost $200 per foot in areas of Bentonville thus making it one of the expensive areas in Northwest Arkansas. For the first time in history, Bentonville was reporting increased sales volume of more than $ 1 billion in that particular year.
Reduced Supplier Headcounts
Rumors of the company downsizing swirled for much of the time until it created more than four hundred and fifty higher and mid-level job opportunities. The CEO of Wal-Mart during that particular moment said that the cuts were needed to enhance faster movement in the dynamic environment. The retailer company failed to include retirements and attrition. In the year 2016, more layoffs were expected to meet the fiscal year obligations. The local supplier community was somehow nervous following the layoffs by Wal-Mart that facilitated top management changes within the organization thus revamping the operational leadership. In the recent years, suppliers have expanded their marketing teams and strategies to various platforms that have gained prominence in the region thus leading to expansion of local supplier workforce (Kim, 4).
Works cited
Charles S. Gascon & Michael A. Varley. A Tale of Four Cities. Widespread Growth
in Northwest Arkansas. METRO PROFILE, 2012. http://whysiloam.com/downloads/metro-profile.pdf Accessed 13 Dec. 2017.
Kim Souza. Wal-Mart changes, downtown work among top Northwest Arkansas stories
in 2015. TBP, Jan. 2016. https://talkbusiness.net/2016/01/wal-mart-changes-downtown-work-among-top-northwest-arkansas-stories-in-2015/ Accessed 13 Dec. 2017.
