October 2024
The Northwest Arkansas market is experiencing an ongoing surge in economic growth, driving business expansions, increased housing demand, and national recognition.
University of Arkansas at Fayetteville reported to generate $3 Billion in annual economic impact to state.
What This Means for You: This record-setting economic impact strengthens the University’s role in driving financial growth across Arkansas.
The latest Arvest Skyline Report reveals insights into Northwest Arkansas’ booming real estate market.
What This Means for You: In Benton County, the average home price rose to $432,956 in early 2024, a 2.5% increase from last year. Almost 4,800 homes were sold in Northwest Arkansas, marking an 8.5% uptick, with nearly 40% being new builds. Multifamily rental prices also rose 9% to an average of $1,037, reflecting heightened demand.
The Compass Report: Arkansas’ metro areas see ongoing economic growth.
What This Means for You: Northwest Arkansas added 8,500 jobs between June 2023 and June 2024, marking a 2.8% increase. In the second quarter of 2024, the area earned a “B+” for economic performance, signaling steady growth and job opportunities.
Northwest Arkansas National Airport expansion projects reflect regional growth.
What This Means for You: New upgrades include a $34 million terminal modernization, an additional lounge, a new air traffic control tower, and more non-stop flights.
Arkansas Children’s Northwest expands its hospital to meet growing healthcare demands.
What This Means for You: The expansion, set to open in 2026, will add 40 patient beds and new facilities for treating complex conditions. The hospital will gain 72,000 square feet, plus 22,900 renovated square feet, improving local healthcare access.
MedExcellence, a national physician recruiting firm, moves its headquarters to Northwest Arkansas and opens an office in Springdale.
What This Means for You: This relocation aims to address the physician shortage in Northwest Arkansas, improving access to medical care for the community.
