Little Rock economy growing faster than similarly-sized cities

LITTLE ROCK, Ark. — According to a recent study, Little Rock’s economy has been growing faster than many other similarly sized cities.

Numbers from the Federal Reserve Bank of St. Louis show that the city’s gross domestic product (GDP) grew by 25.92% over the past five years.

“We ranked number two,” said Jay Chesshir, the President of the Little Rock Regional Chamber of Commerce. “Nashville, Tennessee, was number one, but we ranked number two in regard to GDP growth over that five-year time frame.”

According to the study, that puts Little Rock’s growth over similarly sized cities such as Memphis, Oklahoma City, Kansas City, and Tulsa.

Chesshir said it can be attributed to the wide variety of projects coming to town.

“It’s really hard to show an increase over a five-year time frame in GDP if you’re just looking at one sector,” Chesshir said. “So this shows that our diverse economy is growing at all levels, not just one specific level.”

However, it’s not just the chamber that has been happy to see these numbers.

Baptist Health CEO Troy Wells explained that it’s been a long process to get to this point.

“Over the past 20 years, it’s been building and been growing,” Wells said. “And good things have been happening in Central Arkansas and Northwest Arkansas and all across the state, really, and so to see the result finally starting to happen is really pleasing.”

Wells added that the growth could impact Baptist Health specifically, as a growing economy helps more people afford healthcare and allows Baptist Health to make it more affordable.

Now, it’s up to the city to keep the momentum going.

“We want to make sure that Arkansas is welcoming to industry and to other businesses,” Wells said. “And I think we have done a good job of that.”

Chesshir added that some recent projects weren’t even factored into the study and will continue to add to the economy.

These include a new Amazon distribution center and an expansion of the Little Rock Port.