Best-performing Cities: Northwest Arkansas
The Milken Institute recently released their Best-Performing Cities 2023 Report. The Index, published annually since 1999, reflects cities’ effectiveness at leveraging their resources to promote economic growth and provide their residents with access to the essential services and infrastructure needed for success, the institute says. Its components include job creation, wage growth, and the high-tech sector’s output growth. Since 2021, the Index also includes measures of housing affordability and broadband access that reflect access to economic opportunities of cities’ residents.
The 2023 Index and rankings are mainly based on data from 2021, the first full year of recovery following the onset of COVID-19.
“This year’s report shows that U.S. cities continue to drive the nation’s growth despite the pressures created by Covid-19,” said Maggie Switek, Director of Regional Economics in the institute’s Research Department. “Three years after the onset of the pandemic, cities are still the main centers of the nation’s economic activity.”
Fayetteville - Springdale - Rogers region (Northwest Arkansas) has had strong performance over the last two editions of the BPC, fueled by competitive job and wage growth, combined with relatively affordable housing. Fayetteville has one of the most affordable housing markets, a rare trait among Tier 1 large cities. Although dropping from #8 to #9 this year, the index still shows a strong upward trajectory - Fayetteville, AR was #15 in 2021 and #37 in 2020.
Other factors for the ranking include this region being home to three of Arkansas' six Fortune 500 companies: Walmart, Tyson Food, and JB Hunt Transport, and the University of Arkansas record high enrollment in 2022 - over 30,000 students. NWA has had stable population growth, with projections of 76 percent growth by 2060, and employment projected to double over that same time period.
This ranking is one of many that highlights the Northwest Arkansas region as a prime market for retail expansion, creative placemaking, and affordable/multi-family housing, all areas of specialty for Verdant Studio. With experienced professionals in retail design, Verdant Studio's clients include large national brands, EVEREVE, Journeys, Johnston & Murphy, and more. Recent local projects include PopUp Drink Thru (a full brand, interior, and exterior design), and a Walmart Beauty sponsored installation for Assembly - Interform, representing brands Essie, Pantene, Conair, Carol's Daughter, Next of Us, and My Black is Beautiful.
Verdant Studio is well positioned to help both new retailers and existing brands open new locations in both Northwest Arkansas or any of the 50 contiguous U.S. states.
