Big on Arkansas —–––––❖–––––—

In the first week of March, just before the pandemic had much of the country shut down, the Little Rock Convention and Visitors Bureau announced that it would return to the Big on Little Rock theme popular during the 1990s. The campaign’s launch coincided with the 50th anniversary of the creation of the city’s Advertising and Promotion Commission.

It’s natural to focus on the negative since the collapse of the nation’s economy due to the virus, but economic growth will return at some point. And when it does, it will be easy to be Big on Arkansas, not just Big on Little Rock. We all know about the economic boom in Northwest Arkansas. Walmart has become the nation’s go-to business during the pandemic, and is becoming stronger out of necessity with its online efforts.

Tyson Foods had to retool certain operations to go from supplying restaurants to grocery retailers, but the nation’s demand for chicken, beef and pork remains strong. Americans also have an enhanced appreciation for the importance of logistics, an area in which Northwest Arkansas excels. There’s no reason to believe Northwest Arkansas won’t roar back quickly once the pandemic ends.

For Arkansas to achieve its potential, though, both of the state’s largest metropolitan areas must do well. Due to the virus, there wasn’t the large celebration that normally would have been held when it was confirmed that Amazon is building a massive fulfillment center on 80 acres once owned by the Little Rock Port Authority. The term “game-changer” is overused these days, but this is truly a game-changer for central Arkansas. The distribution center will cover 3 million square feet and have four levels. Amazon is also opening a facility in a warehouse facing Interstate 30 in southwest Little Rock, and already operates a 14,760-square-foot facility in North Little Rock.

The initiative at the port used the code name Project Diamond and has been in the works since last fall. I’m told it will employ between 1,500 and 2,000 people. It’s a perfect location logistically with river transportation on the Arkansas River, air transportation at the adjacent Clinton National Airport and quick access to Interstate 440, which connects two of the nation’s major interstates, 40 and 30.

While it hasn’t received the attention it deserves, this is the biggest economic development announcement for central Arkansas since construction began on the Little Rock Air Force Base at Jacksonville in 1953. Little Rock is on the way to becoming a logistical hub for this part of the country. Little Rock Mayor Frank Scott Jr. called it a “major investment and a major deal for our city. This is some good news in the midst of uncertainty.” That’s a huge understatement.

LM Wind Power announced last week that it would shut its windmill blade manufacturing facility at the port, but I expect that facility to be filled by another company once Amazon is up and running. While there are only a handful of jobs involved at this point, an announcement on the same day by a California aerospace manufacturer that it’s relocating to Little Rock shows that the aviation industry holds great promise in central Arkansas.

While the growth rate of the Little Rock metropolitan area has lagged behind the Northwest Arkansas miracle, there are four other sectors that make central Arkansas well positioned for growth once the economy comes back to life. The first is that Little Rock remains the state’s government, legal and financial center. The number of jobs provided by the state and federal governments will only grow.

Meanwhile, Little Rock has become a banking center due to the tremendous growth of Bank OZK and Simmons Bank. Simmons has almost filled the building in Little Rock’s River Market District that was built for Acxiom. Bank OZK is nearing completion of its headquarters in west Little Rock. If George Gleason of Bank OZK has his way, the land the company owns at The Ranch development eventually will house a corporate campus that even includes a hotel and conference center.

Second, Little Rock remains the medical center of Arkansas and even serves residents of north Louisiana and west Mississippi. With an aging population, a sector that already employs thousands of people in central Arkansas will grow further. Hopefully the pandemic will convince the governor and members of the Legislature to quit underfunding the University of Arkansas for Medical Sciences, long an economic engine for the region.

Third, Little Rock is emerging as a center for financial technology, commonly known as fintech. The Venture Center in the Little Rock Technology Park brings fintech entrepreneurs from around the world to Arkansas. At the same time, the growth of hightech companies such as Apptegy and Orion bodes well for the whole technology sector.

Fourth, Little Rock remains a cultural and entertainment center for the region. The $70 million renovation of the Robinson Center and the $128 million expansion of the Arkansas Arts Center help cement that status. So does the fact that Simmons Bank Arena and Dickey-Stephens Park in North Little Rock have kept their facilities looking new with constant improvements. What had turned into a robust culinary and music scene on both sides of the Arkansas River may be slower to come back after the pandemic, but the groundwork has certainly been laid by talented chefs, musicians and their managers.

There aren’t many sure bets these days, but I would be willing to put money on both Northwest Arkansas and central Arkansas once the pandemic ends.