What an Arkansas contractor license means to the Arkansas economy: An estimated $1.1 billion in state economic growth since 2013 has come from Arkansas-based businesses and non-profit organizations, according to a new study.
“Arkansas has become the most attractive destination for new businesses to set up in the state,” said Dr. David Miller, the study’s lead author.
“The economic benefits to the state are huge.”
In 2015, the state had more than 1.2 million jobs, nearly a quarter of which were in the construction industry.
But as of December 2016, there were less than 1,500 companies in the country, according the Arkansas Association of State, County and Municipal Employees.
In other words, about half of the companies were in other states.
Miller said the number of new businesses created in Arkansas in recent years is about half what it was just five years ago.
In addition to the economic benefits, the new companies are providing jobs and services that have made the state one of the top performing states in the nation, according a study by the Economic Development Institute, a nonprofit that researches economic development.
“We’ve had a really solid rebound from the downturn in the recession, and now we’re getting back to our full economic potential,” Miller said.
The economic impact is likely to continue to grow, according on the report.
Miller and his colleagues analyzed data from the U.S. Census Bureau’s Economic Outlook for the State of Arkansas, which shows Arkansas’ economy has grown by an average of 2.2 percent annually.
“It was the biggest economic rebound in the U, but we’re not seeing a return to the pre-recession growth,” Miller told CBS News.
The report also showed Arkansas’ overall economic health is good.
The study showed Arkansas has the fifth-highest unemployment rate in the entire country, which is lower than the national average.
The unemployment rate for all age groups is lower, with less than 7 percent of the population jobless, according, according.
However, the unemployment rate is higher for African Americans, Hispanic Americans and American Indians.
Miller pointed out that the report also found that the economic impact of the Arkansas Contractors License has not increased since the recession ended in 2013.
“This is a good time for the state to continue the recovery, and the state is moving forward to create a competitive economy and attract more jobs to Arkansas,” Miller explained.
“For years we’ve been looking for new jobs in the business environment.
I think this has been a really positive development for the people of Arkansas.”
The report shows the state’s economic growth from 2013 to 2016 was the fourth-largest in the United States and is the fastest in the region.
It is one of only three states to grow at an annual rate of more than 6 percent.
The other two states are Nevada and New Mexico.
“I think Arkansas is a place where you can look at the big picture and be confident that the economy is growing and is creating good-paying jobs for Arkansas citizens,” Miller added.