GROWTH

BENTONVILLE: FUELING THE REGION’S ECONOMY

Northwest Arkansas is one of the fastest growing regional economies in the nation, home to Fortune 500 leaders such as Walmart, Tyson Foods and J.B. Hunt that are among the largest companies in the U.S. Along with the University of Arkansas, a top-tier research institution, and thriving arts, leisure and startup sectors each with international reach, the region consistently gets high marks for job growth, affordability, cost of living and quality of life.

Steadily attracting businesses, residents, visitors and a trained and educated workforce, the population in Northwest Arkansas exceeds 550,000. With increasing diversity and an ever-growing economy, Money and U.S. News & World Report both ranked the region among the top 10 places to live in the nation.

As Middle America’s entrepreneurial center, Bentonville is a city where innovation shines. It is home to Walmart, the world's largest retailer with 2.2 million employees, and was recently named one of the best places in the U.S. to launch a career.

The neighboring cities of Bella Vista, Pea Ridge and Centerton are among the safest in which to live and raise a family, with some of the fastest growing populations in the state. arts and tourism economies flow. The Momentary, the world-class Crystal Bridges’ satellite venue, opened in 2020 with visual, culinary and performing arts. Bentonville’s Brightwater culinary school is spurring continued economic growth around food and hospitality.

Continued investments by Bentonville and the entire region into Northwest Arkansas' bike trail infrastructure are paying off, generating many millions for the region's economy.

Epic bike trails and a welcoming cycling culture have bicyclists from all over flocking to Bentonville – called a "Disneyland for Mountain Bikers” by Outside magazine and one of America’s 20 Best Mountain Bike Towns by National Geographic.

A Central Location

Located near the middle of the nation, Northwest Arkansas is at the center of everywhere. Key markets in the Midwest and South are within a half-day’s drive, including Kansas City, St. Louis, Dallas-Fort Worth, Memphis, Little Rock, Tulsa, Wichita and Oklahoma City.

Access to suppliers and business customers is easily available via convenient nonstop flights from the Northwest Arkansas National Airport (XNA) to 23 destinations. Its list of nonstop cities includes Atlanta, Charlotte, Chicago, Dallas/Fort Worth, Las Vegas, Los Angeles and New York.

A Critical Mass of Business

While Walmart, Tyson Foods and J.B. Hunt all began in Northwest Arkansas, many other Fortune 500 companies have a large presence in the region. More than 1,450 suppliers have established offices in the region to be close to Walmart.

Suppliers with offices here include Kraft Heinz, Dorel Industries, Bimbo Bakeries USA, Kruger Products, Spectrum Brands, Nestle, Johnson & Johnson, The Clorox Company, Kellogg’s, Newell Brands, General Mills and J.M. Smucker. The region is increasingly home to technology companies that do business with Walmart, too. Those companies include Cognizant, Tata and CompuCom Systems to name a few.

World-Class Workforce

Northwest Arkansas has a diverse, growing workforce that’s more than a quarter-million strong, and there’s an emphasis on continuing to improve it. Just about all of the region’s high schools and NorthWest Arkansas Community College in Bentonville teach students employable skills in business and finance, healthcare and information technology. The region currently has seven times the concentration of workers employed at corporate headquarters or their subsidiaries compared to the rest of the nation.

A Culture of Entrepreneurship & Innovation

Entrepreneurship is in the region’s DNA, and leaders are committed to sustaining and enhancing an environment that allows businesses to start, grow and thrive. The University of Arkansas has one of the world’s most successful entrepreneurship programs, and the university has set a goal to double the amount of research and development funding it receives.

Science & Technology

Northwest Arkansas is recognized as one of the nation’s 10 rising, smaller tech hubs. The high concentration of retail, logistics and food processing corporations, working closely with post-secondary institutions, creates the synergy to turn Northwest Arkansas into a center of excellence, while seeding a thriving environmental sustainability hub.

BENTONVILLE’S LARGEST EMPLOYERS

1. Walmart 2. Bentonville School District 3. Northwest Health 4. Mercy Northwest Arkansas 5. Benton County Government

COST OF LIVING INDEX 2021

The Council for Community and Economic Research produces the ACCRA Cost of Living Index with input from metro areas around the country. The average equals 100 percent; therefore, the Fayetteville-Springdale-Rogers MSA in the third quarter of 2021 was approximately 11% lower than the national average.

Metropolitan Area Composite Index Grocery Items Housing Utilities Transportation Healthcare Misc. Goods & Services

Fayetteville-Springdale-Rogers AR-MO 88.9 96.2 73.0 91.1 100.4 79.6 96.4 Little Rock-North Little Rock-Conway AR 96.4 93.3 85.6 98.6 99.3 80.7 107.0 San Francisco CA 186.4 130.3 338.0 129.9 144.0 123.8 122.6 Colorado Springs CO 109.1 101.4 117.3 99.0 105.9 98.2 110.5 Denver CO 114.7 95.9 139.4 85.8 116.8 103.0 111.4 Boise ID 104.8 95.6 115.6 82.1 120.6 100.3 102.5 Kansas City MO-KS 94.6 89.5 101.3 97.4 87.4 87.3 93.4 New York NY-NJ 239.3 141.4 528.7 103.9 121.3 108.6 132.3 Ashville NC 102.4 98.1 107.6 102.9 90.1 108.7 102.2 Portland OR 127.5 108.4 169.3 90.7 128.0 115.3 113.4 Nashville TN 96.1 97.7 93.3 93.8 99.3 92.3 97.9 Austin TX 101.3 91.8 113.3 95.8 88.6 104.3 100.0 Dallas TX 103.9 99.7 101.3 112.6 89.7 113.6 107.7 Provo UT 102.9 96.8 105.2 86.9 119.6 86.9 105.7 Seattle WA 149.4 127.9 201.4 107.4 135.1 121.2 135.3

Source: The Council for Community and Economic Research, ACCRA Cost of Living Index

2021 LABOR FORCE, NOT SEASONALLY ADJUSTED, JAN – NOV

(*in 000s)

Region Civilian Labor Force Employment Unemployment Unemployment Rate

State of Arkansas

1,354.1 Fayetteville-Springdale-Rogers AR-MO MSA 300.2

Benton County AR (including Bentonville) 148.1

Fort Smith AR-OK MSA 119.5 1,307.7 295.8

46.4 4.4

143.1 2.1

117.0 2.5

Hot Springs AR MSA Jonesboro AR MSA 39.8 66.6 38.7 65.4 1.1 1.1

Little Rock-NLR-Conway AR MSA Pine Bluff AR MSA 347.7 34.0 339.7 8.0

2.3% 32.8 1.2 3.5% Source: Economic Research Federal Reserve Bank of St. Louis

POPULATION

City

Bentonville Bella Vista Centerton Pea Ridge Benton County Northwest Arkansas Arkansas

2000 2010 2020

19,730 16,582 2,780 4,303 153,406 311,121 2,673,400 35,301 26,461 8,806 6,703 221,339 464,623 2,915,918

54,164 30,104 17,792 6,559 284,333 548,634 3,030,522

The Fayetteville-Springdale-Rogers MSA includes Benton, Madison and Washington Counties in AR

FAST FACTS

• Bentonville named Mountain Biking Capital of the World • Bentonville named 7th best place to live in America

(2019, Money)

• Bentonville ranked 12th Coolest Town in America (2019, Matador Network) • Bentonville among the best cities for entrepreneurs & families (Livability.com) • MSA ranked 4th most affordable place to

live in U.S. (2019, US News & World Report)