America's Fourth Strongest Economy Didn't Just Happen
Being considered the nation's fourth strongest economy (Business Week, October 22, 2009) during the most challenging economic times in generations didn’t just happen. It was the direct result of a commitment to regional economic development, marked by the Chamber’s staffing of the Metro Little Rock Alliance less than five years ago.
In the Winter 2009 – 2010 issue of the Federal Reserve Bank of St. Louis' quarterly review, authors Marta Burgin and Andrew Pack wrote that "Regional groups such as the Metro Little Rock Alliance and the Little Rock Regional Chamber of Commerce have been critical in working together to create jobs."
Their article, "Recessions Happen: Now What?," continues:
"Little Rock has one of the lowest unemployment rates of any city in the United States. Little Rock’s regional approach to job creation has resulted in job growth even amidst a deep recession. During 2007 and 2008, Little Rock had a record amount of new capital investment, with almost $1 billion in new investments during the early part of the recession. Recently, the Little Rock area has attracted jobs in the aviation, energy and steel industries. Bringing together regional resources and assets is imperative
for communities wanting to build more resilient economies after the recession."
Further, at 6.2 percent September unemployment, Little Rock was the lowest in the Fed's Eighth District.
Since February 2005, when the Little Rock Regional Chamber of Commerce first began staffing the Metro Little Rock Alliance, the organizations have partnered in generating over $1.1 billion in directly worked expansions and locations in the region:
|
New Capital Investment |
$1,133,235,710 |
|
New Payroll |
$364,930,594 |
|
New Jobs |
10,112 |
For more information, Joey Dean (Vice President, Economic Development; Executive Director, Metro Little Rock Alliance), 501.377.6006.