Northwest Arkansas

Vision Plan

 

In November 2009, the Northwest Arkansas Council, which represents key regional business leaders, initiated a process to allow the regional community to identify how best to position the Northwest Arkansas region for retaining current employers, existing residents and attracting quality employers and talent. Market Street was engaged to facilitate this effort, which kicked off in March, 2010, and will lead the regional community through a process that helps the region become an even greater place to live, work and raise families.


The development of a Strategic Economic Development Plan for Northwest Arkansas will result in a vision for the future of the region and provide a roadmap to get there. The Plan will be based on qualitative and quantitative research and will bring together all regional economic development partners.

During the past 20 years, the Northwest Arkansas region has experienced exceptional growth and represented one of the most dynamic areas of the nation. The region’s population has more than doubled and locally-based flagship industries have grown to be among the largest in the world in their respective categories. As the region has continued to grow and develop, amenities and infrastructure have been added and Northwest Arkansas’ education and healthcare institutions are now much stronger and more competitive with other regions around the United States. However, like the rest of the nation, growth has slowed in Northwest Arkansas and it has been 10 years since any kind of regional economic development plan was undertaken. Further, while the global and national economies are enduring a very difficult period, Northwest Arkansas should be working right now to identify ways to transition and diversify the regional economy for the years ahead.

Ultimately, this process will enable Northwest Arkansas to leverage its strengths and address its challenges by capitalizing upon existing resources and opportunities to build competitive advantages. At the end of this effort, the area will have a clear regional strategy and an implementation plan to help turn ideas into actions. The key components of this process include:

  1.  Competitive Assessment
  2. Target Cluster Analysis
  3. Marketing Review
  4. Strategic Economic Development Plan
  5. Implementation Plan
For more information, please see the project website.