Economy of Arkansas

Economy of Arkansas
State quarter
Statistics
GDP$176.24 billion[1]
GDP per capita
$54,347[2]
Population below poverty line
19.1%[3]
0.4773[4]
Labor force
1,349,512[5]
Unemployment4.0%[6]
Public finances
Revenues$4,604 million[7]
Expenses$4,604 million[7]

The economy of Arkansas produced $176.24 billion of gross domestic product in 2023.[1] Six Fortune 500 companies are based in Arkansas, including the world's #1 corporation by revenue, Walmart.[8] Arkansas's per capita income for 2023 was $54,347, and the median household income was $55,432, which ranked 47th among U.S. states.[2][9]

According to CNBC, Arkansas currently ranks as the 35th best state for business, with the 10th-lowest cost of doing business, 8th-lowest cost of living, 41st best workforce, 29th-best economic climate, 41st-best educated workforce, 41st-best infrastructure and the 32nd-friendliest regulatory environment. Arkansas gained twelve spots in the best state for business rankings since 2011.[10]

Arkansas ranks as one of the top states for charitable giving.[11] In 2011, Arkansans gave 6.3% of their discretionary income to charity, ranking it as the seventh-most generous state.[12] The Pine Bluff metropolitan area ranked as the seventh-most charitable metro area in the nation during the same time period.

  1. ^ a b "GDP by State". GDP by State | U.S. Bureau of Economic Analysis (BEA). Bureau of Economic Analysis. Retrieved 24 May 2024.
  2. ^ a b Account, Economic (2024-03-29). "Personal Income by State". U.S. Bureau of Economic Analysis (BEA). Retrieved 2024-05-24.
  3. ^ "Poverty Status in the Past 12 Months". American Community Survey 1-Year Estimates. United States Census Bureau. 2015. Archived from the original on February 12, 2020. Retrieved December 19, 2016.
  4. ^ "GINI Index of Income Inequality". American Community Survey 1-Year Estimates. United States Census Bureau. 2015. Archived from the original on February 12, 2020. Retrieved December 19, 2016.
  5. ^ "Graph: Civilian Labor Force in Arkansas". Federal Reserve Bank of St. Louis. November 2016. Retrieved December 19, 2013.
  6. ^ "Graph: Unemployment Rate in Arkansas". Federal Reserve Bank of St. Louis. November 2016. Retrieved December 19, 2016.
  7. ^ a b "Fiscal 2012 State General Fund, Appropriated" (PDF). The Fiscal Survey of the States. National Association of State Budget Officers. 2011. p. 6. Archived from the original (PDF) on August 24, 2012. Retrieved September 11, 2012.
  8. ^ "Fortune 500". Forbes. 2018. Archived from the original on June 28, 2018. Retrieved June 27, 2018.
  9. ^ Bureau, U.S. Census. "S1901: Income in the Past 12 Months". Explore Census Data. Retrieved 2024-05-22. {{cite web}}: |last= has generic name (help)
  10. ^ "Arkansas #20". America's Best States for Business 2012. CNBC. 2013. Retrieved May 26, 2013.
  11. ^ "Sharing in the USA". USA Today. Vol. 31, no. 51. McLean, VA: Gannett. November 27, 2012. p. 4A.
  12. ^ "How America Gives". The Chronicle of Philanthropy. August 19, 2012. Retrieved November 27, 2012.