Arkansas Breaks Economic Records

Government and Politics

May 17, 2024

From: Arkansas Governor Sarah Huckabee Sanders

More Arkansans are working than ever before

LITTLE ROCK, AR - Recent economic news shows that Arkansas’ economy is booming under Governor Sarah Huckabee Sanders’ bold leadership and pro-growth policies. This comes even as nationally, 63% of Americans believe the U.S. economy is getting worse under the Biden Administration and prices are up 20% since President Biden took office.
Today’s unemployment report showed that more Arkansans are working than ever before. There are 24,100 more jobs in Arkansas than this time last year, and just between March and April, the state added more than 13,000 jobs. Arkansas was recently first in the nation for month-over-month Seasonally Adjusted Nonfarm Payroll Job growth, and this month, the state set a record for Nonfarm Payroll Jobs at 1,377,000 – up 13,900 in one month.
“Under President Biden’s failed leadership, our national economy is dragging. Blue states are shrinking. But Arkansas is roaring ahead,” said Governor Sanders. “Arkansas’ strong workforce, low taxes, and pro-business environment are spurring job growth across the state. As Governor, I’m committed to enacting more policies that help all Arkansans thrive, including responsibly phasing out our state income tax to let everyone keep more of their hard-earned money.”
Companies are investing and creating jobs across Arkansas. Just since mid-March, Zekelman Industries announced a $120 million investment in Blytheville creating 90 new jobs, Americold completed a $90 million expansion in Russellville creating 30 new jobs, Bekaert announced a $14.5 million investment in Van Buren creating 38 new jobs, and Tractor Supply opened a $175 million facility in Maumelle creating 500 new jobs.
“In spite of poor economic policy from the Biden Administration, controlled spending and strong fiscal management by Governor Sanders and the General Assembly are yielding positive results in Arkansas,” said DFA Secretary Jim Hudson. “As a result, we anticipate a substantial revenue surplus, building on the record funding currently in reserve, all while continuing to make steady progress in cutting taxes for Arkansans.”
Governor Sanders is keeping her promise to cut taxes while still making needed investments and growing Arkansas’ record large reserve funds. Governor Sanders and the General Assembly have implemented two income tax cuts since January 2023, reducing the top individual rate from 4.9% to 4.4% and the corporate rate from 5.3% to 4.8%.
At the same time, budget surplus projections for this year leaped from $240.5 million to $708.1 million. In recognition of that fiscal stewardship, credit rating agency S&P just upgraded the state’s outlook from “stable” to “positive,” while Moody’s, another credit rating firm, affirmed the state’s Aa1 rating. Arkansas is one of only six states to receive a “positive” outlook rating from S&P.