What is the main economy of Arkansas?

Agriculture is Arkansas’ largest industry, adding around $16 billion to the state’s economy annually. The Natural State’s diverse landscape and climate produce a wide variety of Arkansas agricultural products. Arkansas is a major exporter of rice, soybeans, cotton, poultry and feed grains.

What are 4 major industries in Arkansas?

Timber & Forest Products.

Is the economy good in Arkansas?

(KAIT) – A lack of high-tech jobs across Arkansas contributed to the state being ranked as having the 6th worst economy in the nation. According to WalletHub’s 2019 Best & Worst State Economies study, Arkansas ranked poorly in GDP growth, exports per capita, annual median household income, and unemployment rate.

Where does Arkansas rank in economy?

According to CNBC, Arkansas currently ranks as the 35th best state for business, with the 10th-lowest cost of doing business, 8th-lowest cost of living, 41st best workforce, 29th-best economic climate, 41st-best educated workforce, 41st-best infrastructure and the 32nd-friendliest regulatory environment.

How has the Arkansas economy changed over the years?

Since the late 20th century the service sector has become much more important in the Arkansas economy. In part this is attributable to the exponential growth of the Arkansas-based Walmart retail stores. The first Walmart was opened in 1962 by Sam Walton, a Bentonville resident, in Rogers, Arkansas.

How has natural gas affected the north central Arkansas economy?

Natural gas has become an important source of energy and economic activity in north central Arkansas. Hydraulic fracturing in the Fayetteville Shale has impacted much of the region’s economy, including Cleburne, Conway, Faulkner, Van Buren, and White counties. The state ranked 12th in terms of marketed production of natural gas in 2007.

Why does Arkansas spend so much on goods and services?

One reason for the overall relative strength in the Arkansas statistics is the fact that goods consumption has historically comprised a larger share of total spending in Arkansas. This larger share of goods-consumption had the effect of boosting the impact of increased spending on goods and de-emphasizing the declining service-sector spending.

Does Arkansas have a large poultry industry?

Although pigs and cattle long have been important products of Arkansas’s agricultural activities, the growth of the poultry industry since the late 20th century has had a dramatic effect on the state’s economy. During the 1920s large-scale poultry farming started in northwest Arkansas and spread throughout the western half of the state.