Chamber survey gauges Arkansans’ outlook on economy, job prospects
Arkansans have a decidedly negative view of the state’s economy and job prospects and a great majority feel their families would build a better future by leaving the state.
Yet state residents are more upbeat about the state’s economic condition than they are about the nation — though the majority of residents have a more negative outlook than positive view.
Those findings were part of a survey of Arkansans from the Arkansas State Chamber of Commerce, which also found that Arkansas as the 15th-most economically competitive state, and thirdbest for recent legislatively approved tax cuts.
Chamber Chief Executive Officer Randy Zook discussed the findings last week in a meeting in Pine Bluff, one of 15 stops the business organization is planning to hold across Arkansas.
The survey reports that 53% of Arkansans feel the state is on the wrong track with the economy and jobs, and 79% feel the nation is headed in the wrong direction. “Partisanship drives perceptions of the nation and state,” the survey noted.
More troubling, the survey of 502 registered voters found that 69% of Arkansas say their household finances were worse off in 2023 than the prior year. And, looking ahead, 67% of Arkansans feel the economy will be worse and 45% did not feel their personal economic situation would improve over the next year.
The outlook improves when forecasting five years down the road. About 37% of participants said Arkansas would be a better place to live while 43% were uncertain; 20% agreed it will deteriorate some by then.
Regarding job access and quality, 69% said good-paying jobs are hard to find in their communities. Just 15% said the jobs were available; the survey did not define a good-paying job. At the same time, a majority — 63% — noted they have access to job training and education to prepare them for those types of jobs.
Parents have a decidedly negative view of the future, with 59% noting their family would have a better future by leaving the state. Another 55% said they don’t believe in the “American Dream”: that if you work hard you’ll get ahead.
The outlook on job creation was positive — 51% agreed the business climate in Arkansas helps attract high-quality jobs and opportunities though 90% said the state could improve the conditions for attracting and retaining businesses.
Arkansans are split on state legislative issues: 35% noted policies have improved business conditions and 39%
say legislation has worsened the state. More tax cuts are advocated — 63% supported more income tax reductions. Legislation approved last year lowered the individual state income tax beginning this year.
The survey was conducted Nov. 16-24 and has a margin of error of 4.37%.
NEW BANKING ROLE
Brad Chambless has been named president and chief executive officer of Farmers and Merchants Bank of Stuttgart.
Chambless also is scheduled to become the next chairman of the Arkansas Bankers Association at its annual convention April 9.
Chambless joined the bank in 2006 and most recently served as executive vice president and member of the board of directors. He succeeds Gary Hudson, who served as the bank’s CEO from 2010-2020.
“We are very fortunate to have Brad Chambless on our team and available to step into his new role,” said bank Chairman Mickey Pierce. “He has proven to be a tireless worker and focused every day on the success of our institution through our employees and management.”
Chambless is a 1987 graduate of Dumas High School and received his undergraduate degree from the University of Arkansas at Monticello. He has a law degree from the University of Arkansas, Fayetteville and practiced law in the state for 10 years before entering the banking industry.
“While our institution has successfully grown to become the 10th largest bank chartered in Arkansas, we are truly focused on serving each of the communities where we are located,” Chambless said. “I am very proud to lead a team of bankers who are devoted to serving customers at the grassroots level every day.”
Farmers and Merchants Bank is a locally owned community bank with 26 locations across Arkansas and has assets of more than $1.6 billion.
CAREERS IN ADVANCED ENERGY
EmPOWER Arkansas, an advanced energy and careers exhibition, is scheduled for March 24 at the Saline County Career and Technical Campus in Benton.
Professionals, job seekers and students will have a chance to see interactive industry booths, career and educational presentations and live career coaching as well as participate in job interviews.
The event will also keep industry leaders updated on the latest technologies in the field.
“I am thrilled to witness the transformative impact this advanced energy industry and career event will have on the workforce landscape in Arkansas,” said April Ambrose, director of workforce development for the Arkansas Advanced Energy Foundation, which is sponsoring the session along with the Arkansas Apprenticeship Alliance, the Arkansas Office of Skills Development and Greentech Renewables.
“By providing students and adults with firsthand exposure to this dynamic sector through immersive experiences, live hiring opportunities, and invaluable career coaching, we are not only building a strong and skilled workforce but also propelling our state to be a leader in this space,” Ambrose said.
The advanced energy industry focuses on technology and the benefits of energy efficiency programs: demand response controls; solar, wind, hydro and nuclear power; electric vehicles; alternative fuels; and smart grid developments.
Careers include fields that require specialized knowledge in the industry, including contractors, consultants, marketers, finance professionals and others.