Insights from Cushman & Wakefield | Sage Partners’ Q4 Report
Cushman & Wakefield | Sage Partners shared key market insights in its latest quarterly report. Here are a few highlights on Northwest Arkansas’ economy at the end of Q4.
- In Q3 of 2024, Arkansas led the nation with a 6.9% annualized GDP growth rate, significantly surpassing the national average of 3.1%, and recorded a 5.4% rise in personal income- the highest in the country. According to the New York Post, Arkansas was the most popular state to move to in 2024, with Northwest Arkansas emerging as the key driver of this growth.
- Construction employment in NWA grew by 42.4% from 2018 to 2023, compared with 10% nationally. Rogers alone is projected to see over $3 billion in development in the Pinnacle area in the coming years.
- By November 2024, Northwest Arkansas National Airport (XNA) had already surpassed 1 million enplanements, marking a 14% increase from 2023 and reaching a total of 1.13 million for the year. In September, XNA outpaced Clinton National Airport in Little Rock in enplanements for the first time. To support its record-breaking growth, XNA is undergoing a major terminal modernization project, set for completion by 2026, which will expand passenger facilities, increase gates, and enhance overall capacity.
- Northwest Arkansas secured its spot among the top 10 best-performing cities by the Milken Institute for the fourth year in a row, holding steady at No. 7 in 2024. The region also boasted an impressive 12.7% high-tech GDP growth, the second-highest among all Tier 1 large cities.
- In 2023, Northwest Arkansas achieved a per capita income of $89,095, ranking 16th among the nation’s 384 metro areas. It was the only metro area in Arkansas with a per capita income exceeding the U.S. average of approximately $69,810.
- The Arkansas Department of Transportation (ArDOT) broke ground on two major construction projects totaling $308.5 million to improve access to Northwest Arkansas National Airport (XNA) and support the region’s growth. The projects include phase two of the Springdale Bypass and the XNA connector, both are expected to be completed by late 2026 and 2027.
- Northwest Arkansas led the state in venture capital activity in 2023, solidifying its position as a prime destination for investment in high-growth sectors like healthcare and IT. The Arkansas Capital scan highlights the region’s resilience and appeal to forward-looking investors and businesses.
