- 3,755 more businesses
- 72,852 more employees
- 31.1% increase in total wages
- $7,577 in additional annual wages per employee
- 21.6% increase in wages per employee
Since 2009, the number of businesses in Arkansas has grown by 4.6% (4.9% less than the national average of 9.5%). Employment in Arkansas has grown by 7.8% (6.6% less than the national average of 14.4%). Wages have grown by 21.6% since the end of the Great Recession. This wage growth is 1.0% less than the national average of 22.5%.
The average weekly wage in Arkansas of $821 is 22.8% below the national average of $1,064. The gap between the national average has widened from 22.1% a slight widening of 0.7% since the end of the recession.
The Healthcare sector has the most businesses in the state of Arkansas . Since the end of the recession, the number of businesses has grown from 13,502 to 14,933, a gain of 10.6%. The table below illustrates the change in number of businesses in each sector:
|Accommodation and food services||6,059||5,351||13.2%|
|Finance and insurance||4,894||4,791||2.1%|
|Real estate and rental||3,357||3,446||-2.6%|
|Transport and warehousing||2,884||2,941||-1.9%|
|Agriculture and forestry||2,109||1,935||9.0%|
|Arts and entertainment||965||920||4.9%|
|Mining and oil extraction||443||548||-19.2%|
Several sectors have fewer businesses than in 2009 with Construction declining 8.2% from 7,425 businesses down to 6,817 and Manufacturing declining 14.8% from 3,436 to 2,928 businesses.
The Healthcare sector employs the most workers in the state of Arkansas . The number of jobs has increased 15.4% since the end of the recession from 149,022 to 171,938. The table below illustrates the change in employment in each sector:
|Accommodation and food services||105,508||89,997||17.2%|
|Transport and warehousing||52,437||48,806||7.4%|
|Finance and insurance||36,203||35,373||2.3%|
|Real estate and rental||13,393||13,801||-3.0%|
|Agriculture and forestry||12,681||12,609||0.6%|
|Arts and entertainment||11,182||9,753||14.7%|
|Mining and oil extraction||3,795||8,185||-53.6%|
The 14.8% loss in Manufacturing businesses lead to a decline of 4.1% in manufacturing employment in Arkansas losing just under 11,000 jobs in the state. The Information and Mining sectors had the largest percentage loss in jobs with Information declining by 21.5% and Mining declining by 53.6%. The industry that expanded the most is Waste Services with an increase of 35.6% or 17,385 jobs.
The sector with the highest wages is the Company management sector at $2,199. Prior to the recession, the sector’s average weekly wage was $1,530. This is an increase of $669 per week or 43.7%. The table below illustrates the change in average weekly wages in each sector:
|Mining and oil extraction||$1,239||$1,141||8.6%|
|Finance and insurance||$1,205||$951||26.7%|
|Transport and warehousing||$871||$722||20.6%|
|Agriculture and forestry||$783||$578||35.5%|
|Real estate and rental||$725||$568||27.6%|
|Arts and entertainment||$397||$334||18.9%|
|Accommodation and food services||$302||$241||25.3%|
The Information sector is the one sector that experienced a reduction in average weekly wages declining from $1,287 to $1,090 a drop of 15.3%. The rest of the sectors had increases but Mining had the smallest increase, 8.6%. Both of these industries suffered large employment decreases. Company management is the sector that had the largest increase during the period, rising 43.7% to $2,199 per week.
Each of the sectors in the previous section are made up of a number of detailed industries. The top industry that has experienced the most growth (as a percent) since the recession is Computer systems design and related services which has grown 70.8%. The top industry that has contracted the most is Commercial banking which has contracted by 4.3% in the years since the recession. The table below illustrates the 10 largest industries and their change in the number of businesses since the recession:
|Services for the elderly and disabled||6,968||6,208||12.2%|
|Wholesale trade agents and brokers||3,952||2,582||53.1%|
|Offices of physicians||2,254||2,233||0.9%|
|Insurance agencies and brokerages||1,727||1,522||13.5%|
|Computer systems design and related services||1,720||1,007||70.8%|
|Offices of lawyers||1,492||1,504||-0.8%|
|Gasoline stations with convenience stores||1,472||1,400||5.1%|
|Management consulting services||1,378||981||40.5%|
|Accounting and bookkeeping services||1,256||1,260||-0.3%|
The industry that has experienced the most growth in number of employees (as a percent) since the recession is Temporary help services which has grown 61.7%. The industry that has lost the most employees is Commercial banking which has contracted by 9.3% in the years since the recession. The table below illustrates the 10 largest industries and their change in the number of employees since the recession:
|General medical and surgical hospitals||38,562||38,826||-0.7%|
|Management of companies and enterprises||35,105||26,480||32.6%|
|Animal slaughtering and processing||31,878||31,293||1.9%|
|Temporary help services||25,430||15,727||61.7%|
|Offices of physicians||24,824||21,528||15.3%|
|General freight trucking, long-distance||23,743||22,880||3.8%|
|Nursing care facilities, skilled nursing||22,934||21,776||5.3%|
|Services for the elderly and disabled||20,345||12,908||57.6%|
|Supermarkets and other grocery stores||16,637||15,519||7.2%|
Since the recession ended, the industry that has experienced the greatest increase in average weekly pay per employee (as a percent) is Portfolio management which has grown 95.2%. The average weekly wage in the Computer and software merchant wholesalers industry has grown by 13.3% since the recession. This is the industry with the lowest wage growth among top industries in Arkansas . The table below illustrates the 10 largest industries and their change in the average weekly wages since the recession:
|Investment banking and securities dealing||$3,083||$2,713||13.6%|
|Electric power generation||$2,317||$1,949||18.9%|
|Management of companies and enterprises||$2,199||$1,530||43.7%|
|Toy and hobby goods merchant wholesalers||$2,056||$1,083||89.8%|
|Computer and software merchant wholesalers||$1,956||$1,726||13.3%|
|Industrial paper merchant wholesalers||$1,950||$1,306||49.3%|
|Wholesale trade agents and brokers||$1,946||$1,568||24.1%|
|Industrial design services||$1,944||$1,258||54.5%|
Please note, during the comparison period the NAICS coding has had changes made to it. For proper comparisons we are only including industries that have NOT been affected by these changes.
The biggest percentage change in the number of businesses has been in businesses with 1,000 or more employees. The number of businesses with this number of employees has grown from 43 to 58, which is an increase of 34.9%.
The smallest percentage change in the number of businesses has been in businesses with 500 to 999 employees. The number of businesses with this number of employees has grown from 91 to 82, which is an increase of 9.9%.
Table 1: Change in the number of Businesses by Size of Business, since the Recession:
|Company Size||Q1 2018||Q1 2010||% Change|
|Fewer than 5 Employees||53,690||49,868||7.7%|
|More Than 1,000 Employees||58||43||34.9%|
The biggest percentage change in the number of employees has been in businesses with 1,000 or more employees. The number of employees in companies this size has grown from 82,307 to 104,636, which is an increase of 27.1%.
The smallest percentage change in the number of employees has been in businesses with 500 to 999 employees. The number of employees with this number of employees has grown from 62,075 to 56,247, which is an increase of 9.4%.
Table 2: Change in the number of Employees by Size of Business, since the Recession:
|Company Size||Q1 2018||Q1 2010||% Change|
|Fewer than 5 Employees||73,726||71,953||2.5%|
|More Than 1,000 Employees||104,636||82,307||27.1%|
The biggest percentage change in the average weekly wage has been in businesses with 500 to 999 employees. The average weekly wage in companies this size has grown from $1,039 to $1,545, which is an increase of 48.7%.
The smallest percentage change in the average weekly wage has been in businesses with 20 to 49 employees. The average weekly wage in companies this size has grown from $590 to $719, which is an increase of 21.9%.
Table 3: Change Average Weekly Wage by Size Since the Recession:
|Company Size||Q1 2018||Q1 2010||% Change|
|Fewer than 5 Employees||$861||$627||37.3%|
|More Than 1,000 Employees||$1,545||$1,039||48.7%|
This page, created and maintained by Kurt Tietjen, Founder of Stavera, High Peak Media & HomeGearWorks.com. Kurt Tietjen has spent the bulk of his career working with and using data to grow businesses. As the SVP of Operations at TheStreet and the head of Audience & Product at Purch, data helped us create products and content strategies to grow the businesses. My LinkedIn Profile is here.