Insights from Cushman & Wakefield | Sage Partners’ Q1 Report
- Overall Economy – Northwest Arkansas’ economy is thriving in comparison to other national metros in Q1 2023, bolstered by robust employment growth, population growth, and an increase in median household income. The region’s unemployment rate remains very low at 2.4%, much lower than the national average of 3.6%. Northwest Arkansas’ non-farm employment has grown significantly, increasing by 30% over the past decade, with major employers such as Wal-Mart, Tyson Foods, and J.B. Hunt playing a large role in the region’s economy. NWA’s job growth is extremely strong, increasing by 5.2% year over year, compared to the national growth rate of 3.0%. The net employment change year over year is positive, with 14,930 jobs added in the NWA market. Median household income has increased by $3,420 compared to the previous year, which is another indicator of the region’s strong economic performance. Population growth in NWA is four times the national average, with a year-over-year increase of 1.62%, and the net population change year over year was positive, with 9,552 people added to the region. The presence of major employers, a strong job market, and a growing population
