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Although the Arkansas banking industry experienced record growth in 2006 with net income rising from $127 to $139 million between the first and second quarters and total assets sitting at approximately $1 billion, the business sector experienced a deceleration in growth. Despite this, employment increased by 1.2%, with the government and service sectors growing the fastest.
However, the manufacturing, utilities, transportation, and trade sectors experienced a decline in growth, contributing to a fall in job growth rate during 2006 and making it clear that Arkansas may not be the best state for start-up companies in these sectors. Furthermore, the housing market also experienced a decline with sales of homes being down by more than 9%, particularly evident for new homes.
In conclusion, while the Arkansas business database can provide valuable information for businesses, potential entrepreneurs may want to consider these trends before launching a start-up in Arkansas.
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