Northwest Arkansas holds No. 7 spot in performance ranking
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Northwest Arkansas held steady at No. 7 in the Milken Institute's annual report ranking metros across a range of economic factors, released Tuesday.
Why it matters: The Milken Institute's yearly rankings highlight U.S. cities with job growth, affordable housing, economic equality and other big draws.
The big picture: Cities have largely emerged from the tumultuous times of the COVID-19 pandemic and "remain at the center of economic activity," as the report puts it.
State of play: Growth in construction jobs and high-tech industries were notable factors in the area's performance.
What they're saying: Northwest Arkansas "has seen above-average employment growth across nearly all major economic sectors. Reflecting [NWA's] remarkable recent population growth, the construction industry has been a major driver of the metro's labor market performance," authors of the report wrote.
- Employment in construction rose by 42.3% from 2018 to 2023, compared with 10% nationally.
- NWA had 12.7% high-tech growth in gross domestic product, the second highest in all of Milken's top-tier areas.
The area has "excellent housing affordability despite surging population growth," the report says, a reminder that pricing elsewhere is even higher.
How it works: The annual rankings from Milken — a nonpartisan, nonprofit think tank — are based on its Best Performing Cities index, which takes into account cities' labor markets, tech industry growth and economic access.
Reality check: The report doesn't explicitly look at other quality-of-life factors people may consider when picking a place to live, like traffic congestion, public transit access, park space, etc.