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Fayetteville, AR makes the Top Lists
U of A was recognized as one of 108 elite research universities in the nation.
US News and World Report ranked the University of Arkansas' Sam M Walton College of Business and the School of Law in the top tier of its 2011 edition of America's Best Graduate Schools.
Top 100 Leading Locations for 2011--Area Development Magazine
Best Small Cities for Startups--Business Week
#13 Best Places to Launch a Small Business Startup--CNN Money
# 2 Best Cities for Recession Recovery--Forbes
# 7 Top College Sports Towns for 2010 -- Forbes
# 4 Best Places for Business and Careers for 2009--Forbes
# 9 Healthiest Housing Markets for 2009--Builder magazine
# 6 Top College Sports Towns for 2009--Forbes
# 7 Best Places to Live, Work and Play for 2008--Kiplinger
Fayetteville Metropolitan Area and the State Recognitions
# 1 Arkansas State in Cost of Doing Business Category for the CNBC Best States for Business
#15 Top 100 Metropolitan Areas in the Nation for Businesses and Careers--Forbes
#23 Best Performing Metropolitan Areas in Job Creation
NEWS
Average Income For Northwest Arkansans Grew by 3 Percent to $33,309 (April, 2012)
Income grew in Benton and Washington counties as well as the Fayetteville-Springdale-Rogers MSA. They also grew for the state and the nation. In Benton County, personal income grew by 3.3% to $35,858 per person between 2009 and 2010. Income levels grew by 2.8% to $32,309 in Washington County for the same period. The average income for Northwest Arkansans grew by 3% to $33,309. For the state, the average income grew by 2.3% to $32,805. National average income is $39,937.
Sales Tax Revenue Increases (April, 2012)
Sales tax revenue continues to improve over the same period with last year. Fayetteville had the highest percentage increase compared with the same period last year. Rogers, Springdale, and Bentonville posted double-digit increases in April as well. Sales tax revenue reported in April reflects February tax collected in March. Comparisons are based from the same month in the previous year. Except for Bella Vista, each city collects a 2 percent sales tax. One percent is devoted to repayment of bonds. The remaining 1% goes into the city's general fund and is available for operations. The amounts tracked is the 1% going into the general funds.
Sales Tax Numbers for April
| City |
2011 |
2012 |
%age Change |
| Bella Vista |
$ 100,867 |
$ 109,789 |
+ 8.8 |
| Bentonville |
$ 629,580 |
$ 694,381 |
+10.3 |
| Fayetteville |
$1,158,624 |
$1,370,602 |
+18.3 |
| Lowell |
$ 173,774 |
$ 156,873 |
- 9.7 |
| Rogers |
$ 857,248 |
$ 969,896 |
+13.1 |
| Siloam Springs |
$ 218,488 |
$ 244,935 |
+12.1 |
| Springdale |
$ 735,714 |
$ 828,763 |
+12.6 |
Source; NWA Times
February 2012 Unemployment Rates
|
February 2012 |
| National |
8.3% |
| Arkansas |
7.6% |
| Fayetteville MSA |
6.4% |
Source: Bureau of Labor Statistics
Home Sales in March (April, 2012)
Warm March weather helped saw an almost 12% year-over-year increase in activities in the local real estate market. Some 527 homes were sold in March. Median sales prices increased from $113,000 in March 2011 to $142,000 this March.
Recorded Home Sales in Benton and Washington Counties the Past Three Marches
| Year |
Value of Homes Sold |
Units |
Median Price |
| 2012 |
$86.55 million |
527 |
$142,222 |
| 2011 |
$68.02 million |
472 |
$113,000 |
| 2010 |
$68.16 million |
467 |
$123,000 |
Source: Mountdata
Sales Tax Revenues Rise Across The Board (March, 2012)
Sales Tax Revenues for March in major cities in northwest Arkansas are higher than the same period last year. Sales tax revenues reported in March reflect January tax collected in February. Each city except for Bella Vista collects a 2 percent sales tax. One percent is set aside for the repayment of bonds. The remaining 1% goes into the general fund and is available for operations. The table below traces the 1% goining into the general fund.
| Bella Vista |
$ 87,661 |
$ 98,262 |
+12 |
| Bentonville |
$ 582,472 |
$ 893,281 |
+54.4 |
| Fayetteville |
$1,189,204 |
$1,304,815 |
+ 9.7 |
| Lowell |
$ 192,097 |
$ 204,199 |
+ 6.3 |
| Rogers |
$ 849,657 |
$ 926,597 |
+ 9 |
| Siloam Springs |
$ 218,488 |
$ 226,130 |
+ 3.5 |
Source: NWA Times
Area Foreclosure Activity Slows (April, 2012)
Benton County leads the state in number of foreclosures but the number is a quarter of what it was a year ago. It had 73 homes in March 2012 compared to 284 the same month last year. Washington County had 51 homes in foreclosure. That is an 85.7% drop from the previous year.
Number of Foreclosure Filings in the Pipeline in March, 2012 Compared to March, 2011
| |
3/2012 |
3/2011 |
Percent Change |
| Benton County |
73 |
284 |
-74.3 |
| Washington County |
51 |
357 |
-85.7 |
| Statewide |
422 |
1,946 |
-78.3 |
| Nationwide |
198,853 |
239,795 |
-17.1 |
Source: RealtyTrac
HMR Tax Receipts Rise in 2011 (March, 2012)
A 1% city Hotel, Motel, and Restaurant (HMR) tax receipts on hotel stays and prepared food sales rose 5.9% in 2011 than a year before. According to city finance director Paul Becker, the HMR collection rose from about $2.18 million in 2010 to $2.31 million last year. The city collects 2% HMR tax. One percent of the tax goes to the city's Parks and Recreation Department to pay for parks maintenance, operations and capital improvement while the other 1% goes to the Fayetteville Advertising & Promotion Commission. The revenues going to the Commission pay for city promotion, operation of tourism-related facilities, money for the arts and construction, improvement, maintenance or repair of a convention center. Table below shows a breakdown of 2011 receipts. The self-reported figures do not include retail or liquor sales.
| North Fayetteville |
71 |
$708, 010 |
$9,972 |
| Dickson St. area |
49 |
$237,466 |
$4,846 |
| College & Gregg area |
89 |
$342,772 |
$3,851 |
| Martin Luther King Jr. Blvd area |
50 |
$339,967 |
$6,799 |
| West Side Fayetteville |
52 |
$262,863 |
$5,055 |
| East Side Fayetteville |
32 |
$107,390 |
$3,356 |
| South Side Fayetteville |
25 |
$ 78,798 |
$3,152 |
| Downtown Square |
15 |
$ 59,043 |
$3,936 |
Commercial Building Permit Values Shows An Uptick in 2011 (February, 2012)
Commercial building permit values recorded an positive trend in 2011 compared to 2010 in the four big cities in northwest Arkansas. Fayetteville issued a total of $49.62 million in building permit values in 2011 compared to $37.36 million in 2010, an increase of 33%. Some of Fayetteville's larger permits were $6.02 million for the high school expansion, $4.38 million for the construction of the Willard Walker Hospice Center, $3.26 million for St. Joseph Parish and $1.96 million for Pathway Baptist Church. Bentonville issued a $6.15 million building permit for the construction of Circle of Life's 24-bed, free-standing inpatient hospice home and a $14.95 million permit for the 21c Museum Hotel off the downtown square. Springdale recorded the largest increase of 643% in permit values in 2011 compared to 2010, from $5.08 million to $23.77 million because of the construction of a $22 million middle school. Rogers issued a $14 million permit for Cabela's and it accounted for almost 59% of that city's total permit value of $23.77 million.
Commercial Building Permit Value In Millions for 2011 Compared With 2010
| |
2010 |
2011 |
Percentage +/- |
| Bentonville |
$19.80 |
$55.52 |
+180% |
| Fayetteville |
$37.36 |
$49.62 |
+33% |
| Rogers |
$18.24 |
$23.77 |
+30% |
| Springdale |
$ 5.08 |
$37.74 |
+643% |
| Total |
$80.48 |
$166.65 |
+107% |
Source: Respective Cities
Apartment Rental Spaces Dwindling (February, 2012)
Apartment rental spaces are dwindling, according to the Northwest Arkansas Apartment Market Survey conducted by CB Richard Ellis of Tulsa, OK. The firm surveyed 9,312 of the area's approximate 28,000 units and the survey included complexes with at least 50 units or more. Occupancy hit 95% at the end of 2011, an increase from 92% in July 2011. Because of fewer available units, higher rents could happen. The average rental rate of all apartments in the four largest cities was $607, up from $601 six months ago. Rogers had the highest overall rent at $725.
Average Rent for Apartment Complexes with 50 or More Units in Northwest Arkansas
| |
1 Bed/1 Bath |
2 Bed/2 Bath |
3 Bed/2 Bath |
4 Bed/2 Bath |
| Bentonville |
$513 |
$592 |
$670 |
None |
| Fayetteville |
$474 |
$657 |
$821 |
$901 |
| Rogers |
$618 |
$845 |
$939 |
None |
| Springdale |
$399 |
$543 |
$751 |
None |
Source: CB Richard Ellis
Current construction projects for living spaces in the region include a new senior apartment complex in Rogers and The Grove, a 632-unit project in Fayetteville. Campus Crest, a North Carolina firm, is building this complex on the site of the former Washington County Livestock Auction. The complex will be a rent-by-the-room with common living spaces. Ted Rollins is the co-founder and chief executive officer of the company. The Grove will open for the 2012-2013 academic year and will cater to the students attending the University of Arkansas. The Fayetteville campus saw an enrollment increase by almost 30% in the past 5 years.
Area Foreclosures Continue to Be Low (February, 2012)
Foreclosures remain at significantly lower numbers than a year ago.
Comparison of Number of Foreclosure Filings in January 2012 with January 2011
| |
January 2012 |
January 2011 |
Percent Change |
| Benton County |
72 |
358 |
-79.89 |
| Washington County |
38 |
353 |
-89.24 |
| Statewide |
274 |
1,908 |
-85.64 |
| Nationwide |
210,941 |
261,333 |
-19.28 |
Source: RealtyTrac
Retailers Absorb Empty Space (January, 2012)
The Northwest Arkansas region is seeing more of its retail space taken up in 2011. The region had 1.1 million square feet of available retail space at the beginning of 2011. The total dropped to about 800,000 SF by the end of the year, according to Tom Reed, partner with Streetsmart Data Services of Fayetteville. The data does not include strip centers. Approximately 70% of the available retail space is split between Rogers and Fayetteville. There is some shifting between the two markets as well as retailers that want to have presence in both places. Limited new construction and favorable lease rates for existing vacant properties have helped the region's absorption rate. The overall vacancy rate for non-owner occupied retail space was about 12.5% at the end of 2011, a marked improvement from the 17% high in mid-2009.
Total Retail Space, Including Strip Centers and Owner-Occupied Venues of At Least 50,000 SF, in Benton and Washington Counties
| |
December, 2011/million SF |
December, 2010/million SF |
| Total Space |
14.37 |
14.69 |
| Available Space |
1.29 |
1.38 |
| Vacancy Rate |
8.4% |
8.9% |
| Gross Lease Rates |
$10.25 psf |
$12.10 psf |
Source: Xceligent
Latest Statistics
Largest Commercial Projects Currently Under Construction in Fayetteville, December 2011
| Project |
Valuation |
Contractor/Construction Manager |
| VA Hospital |
$62,539,000 |
Crossland Construction Co. |
| High School Phase II |
$45,000,000 |
Nabholz Construction |
| Vol Walker Hall, UofA |
$29,700,000 |
Baldwin & Schell Construction Co. |
| Ozark Hall Renovation |
$27,000,000 |
VCC |
| Hillside Auditorium, UofA |
$12,000,000 |
James H. Cone, Inc. |
| Hotz Hall Renovation, UofA |
$10,000,000 |
Kinco Construction |
| Nursing Building, UofA |
$8,600,000 |
Clark Contractors |
| Jean Tyson Child Development |
$6,555,000 |
Milestone Construction |
| TOTAL: |
$201,394,000 |
|
Preliminary Analysis of 2010 Census Data for Northwest Arkansas (February, 2011)
Impact of Northwest Arkansas' Growth on Overall Statewide Growth:
- Arkansas' population grew by 242,518 since 2000; Arkansas' population growth rate of +9.1% was just slightly lower than that US growth rate during the decade (+9.7%).
- 47% of the state's population growth (+113,283) occurred in Washington and Benton Counties. Fayetteville, Arkansas, is located in Washington County.
- 55% (132,657) of the state's total growth occurred in Washington, Benton, Crawford and Sebastian Counties.
Growth of Counties in Northwest Arkansas:
- Washington and Benton Counties total population is 424,404, an increase of 113,283 (36.4%) since 2000.
- We had an average of 944 new residents moved to the two county area every month over the past ten years.
- Washington County was the 2nd fastest growing county in total population (+45,350) and 4th fastest growing in percentage terms (+28.8%) since 2000.
- Benton County was the fastest growing county in Arkansas in both population (+67,933) and percentage (+44.3%) since 2000.
- Because Washington and Benton Counties are now officially over 200,000 in population, the Quorum Courts will each add two additional JP's for a total of 15 per county.
- Since 1990, the two-county population has more than doubled; Washington and Benton Counties grew by 213,496 (101.2%) over the past two decades.
Growth of Cities in Northwest Arkansas
- Northwest Arkansas is now home to four of the ten largest cities in Arkansas:
Fayetteville 73,580 (3rd), Springdale 69,797 (4th), Rogers 55,964 (8th), and Bentonville 35,301 (10th).
- Bentonville (+78.9%), Bella Vista (+59.5%), and Springdale (+51.4%) all grew by more than 50% in the decade.
Fayetteville-Springdale-Rogers Metropolitan Statistical Area:
- Because the Census Bureau is releasing data by state, we are unable to calculate the growth the MSA level until Missouri's data comes out.
Northwest Arkansas is Rapidly Diversifying:
- The Hispanic and Latino population in the state of Arkansas grew by 114.2% since 2000.
- Northwest Arkansas is home to 65,734 residents who are of Hispanic or Latino descent; Hispanic or Latino residents now comprise 15.5% of Washington and Bention Counties' total population.
- More than one third (35.3%) of all Hispanic or Latino residents in Arkansas live in Washington and Benton Counties.
- Native Hawaiian and Other Pacific Islander population grew by 150.8% in Arkansas since 2000 census.
- 81.9% of all "Other Pacific Islanders" in Arkansas reside in Benton and Washington Counties; this is probably due to the large number of Marshallese living in the region.
Source: NWA Council
Sales Tax Revenues (May 2011 compared to same month, May 2010)
| City |
May, 2011 |
May, 2010 |
+/- % |
| Fayetteville |
$1,405,632 |
$1,344,674 |
+4.5 |
| Bentonville |
$ 773,191 |
$ 665,629 |
+16.2 |
| Rogers |
$1,046,670 |
$1,018,579 |
+2.8 |
| Springdale |
$ 847,109 |
$ 852,501 |
-0.6 |
Source: Northwest Arkansas Times
April 2011 Unemployment Rates
| Unemployment Rate |
April 2011 |
| National |
9.0% |
| Arkansas |
7.7% |
| Fayetteville MSA |
5.8% |
Source: Bureau of Labor Statistics
Northwest Arkansas Housing: Number of Housing Units in elected Cities in Washington and Benton Counties
| Fayetteville |
36,188 |
| Springdale |
25,614 |
| Bella Vista |
13,241 |
| Bentonville |
14,693 |
| Rogers |
22,022 |
Source: US Census Bureau
Median Sales Price Per-Square-Foot on Homes in Northwest Arkansas (March 2011)
| City |
2010 |
2006 |
+/- % |
| Bella Vista |
$72 |
$91 |
-21% |
| Bentonville |
$82 |
$97 |
-15.5% |
| Centerton |
$67 |
$90 |
-26% |
| Farmington |
$68 |
$92 |
-26% |
| Fayetteville |
$85 |
$105 |
-7.6% |
| Lowell |
$72 |
$97 |
-26% |
| Rogers |
$72 |
$92 |
-22% |
| Siloam Springs |
$67 |
$88 |
-24% |
| Springdale |
$71 |
$95 |
-25% |
Source: MountData
Home Sales in Washington and Benton Counties, AR (January through March) (April 2011)
| Year |
Value of Homes Sold |
Units Sold |
Median Sale Price |
| 2011 |
$158.83 million |
1,048 |
$117,750 |
| 2010 |
$146.52 million |
993 |
$123,500 |
| 2009 |
$154.57 million |
966 |
$132,000 |
Source: MountData
Home Sales and Price Comparison for Washington and Benton Counties, AR (January through December)
(Jan 2011)
| Year |
Value of Homes Sold |
Units Sold |
Median Sale Price |
| 2010 |
$855.7 million |
5,323 |
$129,000 |
| 2009 |
$937.7 million |
5,784 |
$133,430 |
| 2008 |
$947.6 million |
5,257 |
$148,575 |
Source: Mount Data
2010 Real Estate Market Activity in Major Cities in Northwest Arkansas (Jan 2011)
| City |
Number of Sales |
Value of Sales in Millions |
Median Sale Price |
| Fayetteville |
922
|
$180.8
|
$160,000
|
|
Rogers
|
976
|
$174.2
|
$129,250
|
|
Bentonville
|
683
|
$148.2
|
$180,000
|
|
Springdale
|
921
|
$123.4
|
$105,000
|
|
Bella Vista
|
635
|
$87.8
|
$123,810
|
|
Siloam Springs
|
220
|
$25.6
|
$108,000
|
Source: Mount Data
Annual Foreclosure Filings (Jan 2011)
| County |
2010 |
2009 |
% Change |
| Washington |
3,059
|
2,898
|
5.55
|
|
Benton
|
3,925
|
3,945
|
-0.50
|
|
Arkansas State
|
19,575
|
16,547
|
18.29
|
Source: Realty Trac
Building Permit Values (1st Qtr 2011 compared to same quarter in 2010)
| New Residential |
Yr 2011 |
Yr 2010 |
Percent Change |
| Fayetteville, AR |
$12.34 M |
$10.21 M |
+21 |
| Bentonville |
$20.57 M |
$16.38 M |
+25 |
| Rogers |
$9.19 M |
$10.57 M |
-13 |
| Springdale |
$9.05 M |
$6.99 M |
+29 |
| New Commercial |
Yr 2011 |
Yr 2010 |
Percent Change |
| Fayetteville, AR |
$8.9 M |
$3.69 M |
+141 |
| Bentonville |
$861,600 |
$2.76 M |
-69 |
| Rogers |
$5.16 M |
$2.66 M |
+94 |
| Springdale |
$1.8 M |
$1.77 M |
+1.7 |
Demographics
Fayetteville is located in the heart of Mid-America. Fayetteville is 35 miles from the Arkansas-Missouri border and 25 miles from the Arkansas-Oklahoma border. The city is part of the Fayetteville-Springdale-Rogers MSA (Metropolitan Statistical Area), which is comprised of Washington, Benton, Madison, and McDonald counties. This MSA is one of 4 located in Arkansas and 323 in the United States.
Population
|
Total Population
|
Fayetteville
|
+/(-) % Change
|
Washington County
|
+/(-) % Change
|
Arkansas
|
+/(-) % Change
|
|
July 1, 2008
|
73,372
|
1.3
|
195,803
|
1.0
|
2,855,390
|
0.9
|
|
July 1, 2007
|
72,404
|
1.9
|
193,812
|
2.1
|
2,830,557
|
0.9
|
|
July 1, 2006
|
71,052
|
3.0
|
189,820
|
3.4
|
2,804,199
|
1.3
|
|
July 1, 2005
|
68,958
|
3.7
|
183,644
|
3.9
|
2,768,918
|
1.0
|
|
July 1, 2004
|
66,475
|
3.7
|
176,733
|
3.2
|
2,740,191
|
0.8
|
|
July 1, 2003
|
64,078
|
3.4
|
171,292
|
2.7
|
2,717,909
|
0.6
|
|
July 1, 2002
|
61,952
|
2.3
|
166,827
|
2.3
|
2,701,889
|
0.5
|
|
July 1, 2001
|
60,549
|
1.9
|
163,154
|
2.7
|
2,689,601
|
0.4
|
|
July 1, 2000
|
59,394
|
|
158,788
|
|
2,678,217
|
|
|
April 1, 2000 (Census 2000)
|
58,047
|
|
157,715
|
|
2,673,400
|
|
Source: US Census Bureau- Population Estimates Program