December 9, 2010

Arkansas One of 16 States to See Economic Growth

(via Business Matters – the eNewsletter of the Arkansas Chamber of Commerce )

Arkansas’s 2009 GDP (gross domestic product) increased 0.6 percent compared to 2008. The state was one of only 16 to see a gain despite declines in manufacturing.

With a value of $93.015 billion, Arkansas’s year-over-year GDP growth was ranked 8th in the U.S. Arkansas’s GDP gain between 2007 and 2008 was one percent.

“It’s a remarkable report. I was expecting 2009 to see a slight decline,” said Michael Pakko, chief economist and state economic forecaster with the Institute for Economic Advancement at the University of Arkansas at Little Rock.

Healthy advances in the areas of mining, banking and information services all contributed to Arkansas’s GDP gains.