Business Retention & Expansion
Strong, Diverse Existing Industry Growth Anchors Region's Economic Development
Nothing is more important to the region's economy than the businesses that operate locally, generating payroll, local spending and taxes. The future of these individual companies have a substantial impact on the growth of the area’s economy.
In an effort to better serve the businesses and citizens in Pulaski County, the Little Rock Regional Chamber of Commerce partners with Entergy Arkansas, Inc. on a campaign to continually assess the health of the county’s economic portfolio.
The Synchronist System, a software tool being used by the Little Rock Regional Chamber of Commerce, is causing excitement in economic development circles because it is the first comprehensive tool available to development professionals interested in a better understanding of the local economy and the role existing companies play. The system gives community leaders the capacity to understand their economic base using current information gathered directly from company executives. Today, the Synchronist System is
licensed for use by 16 states, two provinces, 36 large regional groups, and over 600 communities throughout the U.S. and Canada.
Entergy Arkansas President and CEO Hugh McDonald said, “Entergy is excited to be partnering with the Little Rock Regional Chamber to help assist business retention efforts. At Entergy Arkansas we invest heavily in economic development because we want to help our cities and state be the best they can be. By focusing on gathering strategic information and managing local economies as portfolios, community leaders will have far better information with which to determine economic development policy and strategies.”
“The Little Rock Regional Chamber of Commerce is committed to our Stock in the Rock retention program,” said Chamber President and CEO Jay Chesshir. “Business retention and expansion is the cornerstone of our economic development mission and a critical component to the growth of our economy. We’re excited to be adding this new database tool, which will help us manage our efforts and assist local companies much more efficiently.”
New capital investment expansion announcements over the past year included Welspun ($60 million), Cameron Valves & Measurement ($31 million, 50 new jobs), Garver Engineers ($10 million, 120 new jobs), Southwest Power Pool (124 new jobs, $9 million new payroll) and Mainstream Technologies (30 new jobs).
Other projects announced, in progress and/or completed during the year, included Arkansas Children's Hospital ($115 million new capital investment), UALR Donaghey College of Engineering & Information Technology, Baldwin & Shell Construction Company ($4.5 – $5 million) and Holiday Inn Airport Conference Center.
For more information, Kristi Barr (Director, Business Retention & Expansion), 501.377.6017.