Insights from Cushman & Wakefield | Sage Partners’ Q3 Report
- YOY employment growth for the region settled in at +2.4%
- Northwest Arkansas was recently placed No. 10 on U.S. News & World Reports annual list of “Best Places to Live in the U.S.” for 2023-2024.
- Northwest Arkansas was also ranked No. 9 by the Milken Institute for their annual “Best-Performing cities” list. The only large metropolitan areas in middle America to rank higher were Austin, Dallas and Nashville.
- Compared to peer regions such as Austin, Des Moines, Raleigh, Chapel Hill, Provo, and Madison, Northwest Arkansas saw the third highest change in real GDP(8.5%) from 2020-2021, per the University of Arkansas Center for Business and Economic Research.
- If the region continues to add 36 residents per day as currently projected, NWA will surpass 600,000 residents in January 2025.
- Statewide, the three fastest growing counties per the U.S. Census Bureau from 2020-2022 are all located in Northwest Arkansas-being Benton County(5.7%), Madison County(5.7%), and Washington County(3.8%)
- Benton County, AR has the highest average weekly wage for employees across the state, averaging $1,815/week.
- Nationwide, office markets continue to struggle as employees are hesitant to return to their pre-covid offices.
- Northwest Arkansas has not felt these challenges nearly as much as other office markets, with Walmart vendors solidifying their presence in the area before the completion of the new campus, set to complete in phases in 2025.
