Insights from Cushman & Wakefield | Sage Partners’ Q1 Report
Cushman & Wakefield | Sage Partners shared key market insights in its latest quarterly report. Here are a few highlights on Northwest Arkansas’ economy at the end of Q1.
- The unemployment rate in Northwest Arkansas stands at 2.3% for the first quarter of 2024, a 0.1% increase from last year. Despise this slight increase employment
in Northwest Arkansas has exhibited remarkable resilience, experiencing a robust growth of 41.6% over the past decade. - Dr. Mervin Jebaraj, Director of the Center for Business and Economic Research at the University of Arkansas, forecasts an increase in the unemployment rate, driven
partially by a larger influx of individuals entering the labor force. - The NWA metro was the 18th fastest-growing in the United States in 2023, improving six spots from 24th in 2022.
- Three towns in Northwest Arkansas were honored as the “Best Places to Live of 2024” by Money magazine. Fayetteville, Rogers, and Eureka Springs were acclaimed as the
“blueprint for the future,” where a flourishing economy intersects with affordability, diversity, and an outstanding quality of life. - Construction is set to begin this summer on the Springdale Northern Bypass, a 7-mile four-lane highway linking Highway 612 to Highway 412 in Tontitown. This freeway
project will encompass 16 bridges and three interchanges, including one for the XNA connector. Upon its completion, this infrastructure project will enhance traffic
efficiency for the growing Northwest Arkansas region. - According to the Skyline Report, the overall commercial vacancy rate remained unchanged at 6.4%, as 623,288 square feet of new commercial space was added to
the market in the second half of 2023. - According to a press release from the Northwest Arkansas National Airport (XNA) there was a record-breaking number of passengers departing in 2023. The 25-yearold airport facility recorded over 1 million passengers last year, a notable increase from the 840,000 passengers in 2022.
