The strategy identifies eight target job growth sectors that give us our best potential for growing high-wage jobs in Northwest Arkansas.  The jobs are grouped in “target clusters” which is an economic development term that refers to categories of jobs that are either poised for near-term growth or are areas in which we already have substantial assets and expertise on which we need to build.

The Brookings Institute recently said that cluster development must involve “supporting, connecting, filling gaps, and removing obstacles to private enterprise while making sure certain public and quasi-public goods are available.”  They went on to say that regional organizations “should work to identify and describe local clusters, identify their binding constraints, and facilitate regional joint action to implement needed exchanges and initiatives.”

Most civic and business organizations in our region have a role to play in building out one or more of these job growth sectors.  The point in identifying target job growth sectors is to highlight and elevate the areas that hold the most potential so that all key organizations in the community can focus efforts to grow jobs in the targeted areas.

The eight identified job growth sectors are highlighted below and a full report on target job growth sectors is available at the following link: NWA Target Cluster Analysis.pdf .

Historic job growth sectors

As we look for ways to increase jobs and economic opportunities, we must continue to work to strengthen and support our flagship industries.

We are confident there will continue to be many opportunities to build jobs and economic opportunities in industries and areas associated with our largest employers. Job growth opportunities surrounding our historic industries include:

Diversification of job growth sectors

We also need to look for ways to diversify our economic mix. A number of key target growth sectors were identified because they have an existing presence in our region, they can bring significant new dollars into the economy, and they have excellent prospects for growth. Most important, as wealth-creating sectors, they provide the best opportunity to improve the quality of life for the most residents of Northwest Arkansas.

The five additional job growth areas of emphasis are: