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Outlook Outlook Outlook ConwayConwayConwayOutlook ConwayOutlook Outlook ConwayOutlook Outlook ConwayOutlook

2019

M AY 2 7, 2 0 1 9 / V O LU M E 3 6 / N U M B E R 2 1 / A S U P P L E M E N T T O A R K A N S A S B U S I N E S S

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INVESTING IN CONWAY’STRADITIONS AND FUTURE

MEMBER FDIC

4 ConwayArkansas.org

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One way is through our support ofOutlook Conway and the Conway AreaChamber of Commerce.

Meaningfulconnection
By working together, the connections we create becomemoremeaningful.

The creation of the Outlook Conway event and this publication came from a desire to help people understand the size and make-up of the Conway area economy. A part of that process involves collect-ing and sharing data and trends.

Outlook and this publication defi nitely do that. But you gain an equally important level of understanding when you narrow down to the individual businesses. Our “presenting” and “economic” sponsors exem-plify four different qualities that represent the best of the area economy.

DYNAMIC AND REGIONALThe Conway and central Arkansas economy is dynamic and

regional in infl uence. Landmark CPAs was formed in 2018 when two fi rms with more than 60 years experience combined to create one of the state’s largest comprehensive accounting fi rms. With established legacies in Texarkana, Fort Smith and Little Rock, Landmark CPAs serves clients in multiple states throughout the region.

COMMITTED AND COMMUNITY MINDEDSmith Ford has been selling cars and satisfying customers in central

Arkansas for more than 100 years. But for just as long, this fi ve-genera-tion, family-owned business has been building a city. From helping form our public utility during the Great Depression to having four generations of Chamber of Commerce board leaders — the Smith family demon-strates the commitment and infl uence of locally owned businesses.

GROWING For decades Conway has been closely associated with — almost

defi ned by — growth. Conway Regional Health System is the largest player in what might be Conway’s fastest-growing industry — health

care. With more than 1,200 employees and a $40 million expansion planned for 2019, Conway Regional is establishing Conway as a health care destination.

EMERGING AND ENTREPRENEURIALConway and central Arkansas have the

deserved reputation as a great place to start your business. With an abundance of young, educated talent and an incredibly low cost of doing business, entrepreneurs are an increasingly important part of our economy. H+N Architects is only three years old, but this woman-owned startup has already turned the corner as a premier architecture fi rm in Conway. The fi rm is founded on the philosophy of designing with meraki, defi ned as “doing something with creativity, soul, and love — leaving a piece of yourself in the work.” What a perfect description of the passion it takes to succeed as an entrepreneur.

We invite you to learn more about our economy by looking at the trends and insights within this publication. But the numbers are only revealing what we know to be true: our economy is only as strong as the individuals and businesses leading it

In Conway, that’s a good thing. Sincerely,

Brad Lacy, President and CEO, Conway Area Chamber of Commerce

SPONSORS REPRESENT BEST OF ECONOMY

Outlook Conway 5

CONTENTS6 OVERVIEW

8 OFFICE ECONOMY

10 BY THE NUMBERS

12 REGIONALISM

16 SITE SELECTION

EDITORIAL

ONLINE EDITOR Lance Turner

DEPUTY ONLINE EDITOR Tre Baker

SALES & MARKETING

VICE PRESIDENT OF BUSINESS SALESBonnie Jacoby

SENIOR ACCOUNT EXECUTIVE Rosemary Bruton

ACCOUNT EXECUTIVES Elizabeth Haman, Alex Harper, Myles Mcdougal, Abby Nolan, Alicia Sandage, Terry White, Melissa Witcher

ADVERTISING COORDINATORS Maddie Brodell, Bethany Johnson,

EVENTS MANAGER Alex Howland

MARKETING & EVENTS ASSISTANT Kelli Roy

ADVERTISING ASSISTANT Brock Walker

DESIGN

PRODUCTION MANAGER April Scott

SENIOR DESIGNERS Omar Alonso, Vince Palermo

SENIOR ART DIRECTOR Irene Forbes

ART DIRECTOR Wayne Depriest

DIGITAL OPERATIONS SPECIALIST Rebekah Eveland

CIRCULATION

CIRCULATION MANAGER Dana Wade

SENIOR CIRCULATION COORDINATOR Shannon Ponder

CIRCULATION ASSISTANT De’jarnette Johnson

ADMINISTRATION

ACCOUNTING MANAGER Natasha Norris

ACCOUNTING SUPERVISOR Kim Clark

HUMAN RESOURCES Bill Page

EXECUTIVE ASSISTANT Kristen Heldenbrand

PRESIDENT Mitch Bettis

EXECUTIVE DIRECTOR CUSTOM SOLUTIONS John Tucker

CONSUMER PUBLICATIONS PUBLISHER Rachel Pitre

LITTLE ROCK SOIREE PUBLISHER Mandy Richardson

© 2019 Five Legged Stool LLC

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WE LAUNCH CAREERS.WE DON’T JUST OFFER DEGREES.

• Mentorship and networking• Professional organizations

• Study abroad• Service-learning

• Research • Internships

Outlook ConwayOutlook ConwayOutlook

2019

PUBLISHER Chris Bahn EDITOR Todd Traub ART DIRECTOR Dean Wheeler

Interested in networking with

more than 100 area businesses?

Reserve your space at this year’s

BUSINESS EXPO & TASTE OF CONWAY

OCT. 17, 2019

CONWAY EXPO CENTER

Contact Mary Margaret Satterfi eld

at [email protected]

or visit ConwayChamber.org

for registration and other details.


OUTLOOK CONWAY

BEYOND THE BORDERSConway’s trade area, labor, and health care sheds extend beyond the statistically convenient limits of county lines or defi ned MSAs. In 2018 the Conway Area Chamber analyzed the home ZIP codes for more 3,100 white collar employees in Conway. Their data (large map, right) showed that a substantial cluster of white collar professionals commute daily from Pulaski County.

WORKFORCE INFLOW/OUTFLOW Every day more than 16,000 employees drive in to Faulkner County from more than 20 other Arkansas counties. They join the 23,000 Faulkner County residents who live and work in Faulkner County. There are 25,000 Faulkner County residents who travel to another county for work each day. More than 50% of these work in Pulaski County.

Outlook Conway 7

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TRADE REGION Map of the primary “trade area” for retail and health care developed with input from local businesses, area health care providers, and regional real estate developers and professionals.

BY TODD TRAUB

Every day in Conway is a day at the office.Thanks to the makeup of its workforce tal-

ent pool and the nature of several of its main-stay businesses, the city thrives at least in part on an office economy.

There are around 5,000 professional and service jobs in Conway, versus 3,400 in manu-facturing, making the office economy one of the largest employment sectors. As a seat of higher education and part of a region that includes nearby Little Rock and North Little Rock — the state’s largest metropolitan area — Conway has a renewable pipeline of talent.

Brad Lacy, president and CEO of the Con-way Area Chamber of Commerce, said the city has been feeding into an office economy at least since the start of Acxiom in 1969.

“Like any sector of the economy, our of-fice economy is completely dependent on the availability of talent,” said Lacy, noting the sector’s average weekly salary is $1,140, or $310 more than the average weekly pay of other sectors.

“The office sector jobs that exist in Conway tend to be highly skilled and highly compen-sated,” he said.

Conway’s office economy is a point of dif-ferentiation from similar sized cities, Lacy said, and is represented in various business segments. But it is primarily seen in profes-sional employers, business services, finance and information.

Employers like Home BancShares, Acxiom, DXC Technology, Insight Enterprises, Enso-

no and Molex provide the bulk of those jobs. Of course every industry needs four walls

and a door somewhere. Human resources, bookkeeping, accounting, payroll and execu-tive staff all mean there are going to be of-fices, no matter what the business is.

And, Lacy said, Conway welcomes indus-trial and manufacturing companies as much as it does the professional entities and financial firms.

“Any other sector will have opportunities for office workers,” Lacy said. “They support all of the sectors, whether it’s the HR profes-sional in a hospital or an engineer supporting a manufacturing entity. It’s also good to have the diversity in the local economy so that we aren’t dependent on any one segment.”

But certainly the office economy looms large on Conway’s economic landscape.

It hinges on Conway’s ability to produce, attract and retain talent — potential limiting factors but factors that the city is clearly able to deal with thanks to its younger skewing tal-ent pool and pipeline to Little Rock.

And the forecast, Lacy said, is for the jobs to continue to be there too, especially as Con-way continues to develop and to court new business.

“We should continue to see growth in the sector as companies like Acxiom and DXC expand,” he said. “The city has a good num-ber of office sites for new construction and our focus on developing downtown will offer additional options.”

TAKING OFFICEConway’s office economy a pillar of employment

OUTLOOK CONWAY EVENT:

PANELISTS

BILL FLANNERYEVP of Global Operations, Ensono

GOPALA KRISHNANU.S. Regional Delivery Center Executive, DXC

DAVID MAYERVP & General Manager, Insight Enterprises

DENNIS SELFCEO & President, Acxiom

CONWAY’S OFFICE ECONOMY BY THE NUMBERS

1969 Year Acxiom began

$1,140 Average weekly pay

5,000 Professional and service jobs

OUTLOOK CONWAY / OFFICE ECONOMY


Outlook Conway 9

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LEARNING OPPORTUNITIES Attorneys, doctors, chefs and public servants are just a sampling of the professions being trained in central

Arkansas. Conway boasts the University of Central Arkansas, Hendrix College and Central Baptist College, while

Little Rock is home to Pulaski Tech, the Clinton School of Public Service, Philander Smith and UA Little Rock. And

education here, unlike other places, is aff ordable.

I N T H O U S A N D S

0 1 2 3 4 5 6 7 8 9 10 11

I N T H O U S A N D S

0 1 0 2 0 3 0 4 0

EARNING POTENTIAL With a median household income

of $52,000 annually, the Little Rock-

North Little Rock-Conway MSA holds

its own with peers in the state and

nearby metro areas.

MAJOR EMPLOYMENT SECTORSNumber of industries making up at least 5% of the region’s economy

CENTRAL ARKANSAS 11Birmingham 9Memphis 9Columbia 9Austin 9Tulsa 8Jackson, Miss. 8Baton Rouge 8Springfi eld 8Northwest Arkansas 7

P E R C E N T O F L A B O R F O R C E 0 5 1 0 1 5 2 0

A DIVERSE REGIONAL ECONOMYCentral Arkansas has long been the state’s hub for health care,

education, fi nance and legal matters. It’s also home to key

manufacturing, transportation and construction operations.

At least 11 industries make up 5% or more of the region’s

economy, a testament to its economic diversity and health.

CENTRAL ARKANSAS $52,000Northwest Arkansas $52,000Tulsa $52,000Birmingham $52,000Columbia, S.C. $52,000Jackson, Miss. $50,000Memphis $50,000Springfi eld, Mo. $45,000

Top Employers in Central Arkansas

Education & Health Services 16.06

Business & Professional Services 13.54

Financial Activities 5.93

Manufacturing 5.79

Average Private Tuition

CENTRAL ARKANSAS $13,500

Northwest Arkansas $24,218

Memphis $29,990

Columbia, S.C. $30,482

Tulsa $38,000

Average Public Tuition

CENTRAL ARKANSAS $6,300

Northwest Arkansas $7,205

Memphis $7,488

Baton Rouge $8,038

Columbia, SC $11,054

OUTLOOK CONWAY / BY THE NUMBERS

Source: BLS - February 2019 Data, Not seasonally adjusted

Source: Data USA

CONWAY DEMOGRAPHICS AND ECONOMY

2014 1.408 billion

2015 1.445 billion

2016 1.457 billion

20171.548billion

20181.573 billion

Conway Estimated Retail Sales

2

1

0

BIL

LIO

NS

Conway Estimated Sales & Use Tax Collections

MIL

LIO

NS

30

25

20

15

10

5

02014 23.42

million

2015 24.03 million

2016 24.23

million

201725.74

million

2018 30.46

million

2010 59,588

2011 61,519

2012 62,680

201363,229

2014 64,045

201564,395

201664,854

201765,782

Conway Population2010-2017

TH

OU

SA

ND

S

70

60

50

40

30

Conway Populationby Race, 2018

WHITE 76.8%AFRICAN AMERICAN 16.3%

OTHER 6.9%

Conway Housing Occupancy

U.S. Arkansas Faulkner County ConwayTotal units 134,054,889 1,341,391 48,753 26,529Occupied 117,716,237 1,141,480 43,451 23,720Vacant 16,338,652 199,911 5,302 2,809Occupied housing units 117,716,237 1,141,480 43,451 23,270Owner-occupied 74,881,068 749,452 27,050 11,479Renter-occupied 42,835,169 392,028 16,401 12,241Homeowner vacancy rate 1.8 2.4 1.8 2.2Rental vacancy rate 6.2 8.9 12.3 13.4

Source: 2012-2016 ACS 5-Year Profi les

Source: Arkansas Department Of Finance And Administration Source: Arkansas Department Of Finance And Administration



Outlook Conway 11


BY TODD TRAUB

L ocated just over 30 miles apart, the com-munities of Conway, Little Rock and North Little Rock are in many ways in-separable, with a shared workforce, resources and overall sense of common purpose.

People commute to and from each city for employment, education, recreation and entertainment. And while the cities in the metro region are interrelated, they also have their own identities and personalities.

“I think regionalism means acknowledg-

ing the fact that our economic and commu-nity futures are linked,” said Jamie Gates, executive vice president of the Conway Area Chamber of Commerce. “Little Rock is our anchor city and metropolitan center. Conway is smaller and more suburban. The only way Conway can meet its full potential is if we’re part of a successful metro. The same could be said of smaller cities to our north and west about Conway.”

If one town within the region doesn’t have what you’re looking for, it’s a sure bet one of

CONWAY THRIVES AS PART OF REGIONAL METROEconomically linked to its two largest neighbors, city stands on its own merits


PANELISTS

BART CASTLEBERRYMayor, City of Conway

FRANK SCOTT JR.Mayor, City of Little Rock

JOE SMITHMayor, City of North Little Rock

OUTLOOK CONWAY / REGIONALISM

CONWAY

NORTH LITTLE ROCK

LITTLE ROCK

Outlook Conway 13

the others does. And if one town enjoys eco-nomic success it positively affects the others.

“What happens in our neighbor’s yard al-ways has an effect in our yard,” said North Little Rock Mayor Joe Smith. “If our neigh-bor improves their property value, ours goes up as well. Regionalism for all of central Ar-kansas is critical if we want to progress as a community. Business, residents, and visitors are choosing cities based on the larger com-munities, not just single cities.”

According to the most recent U.S. Cen-sus Bureau fi gures, Conway has a popula-tion of 65,782, Little Rock’s population is 198,606 and North Little Rock’s is 65,911.

Close to 3,000 people commute to Con-way daily from Pulaski County while close to 7,500, or 20%, of Conway’s residents commute to Little Rock and North Little Rock, plus Maumelle. Around 20,000 Con-way citizens work where they live.

“We have a tremendous workforce in

Conway but what we do not have are 500-acre sites for development,” Conway Mayor Bart Castleberry said. “By partnering on projects with North Little Rock and Little Rock, we’re better suited to entice compa-nies and businesses with some of our other large employers in central Arkansas.”

The three communities have mutual inter-ests and needs, but have also forged three separate identities that allow for a sense of civic pride and community spirit.

With multiple high performing univer-sities and colleges resulting in a younger-skewing population, Conway is known as a seat of higher education, Castleberry noted, with a burgeoning offi ce economy represented by Acxiom, among other com-panies.

North Little Rock is a railroad/military/retail center and Little Rock, as the state capital, is the seat of fi nance, health care, legal services and trade in addition to being

HOME SWEET HOME

Dream of one day

owning a home of your

own? It can happen in

central Arkansas where

the median property

value is $151,700. Nearly

68% of locals own their

own home, higher

than the rates seen in

northwest Arkansas;

Memphis; Tulsa;

Springfi eld, Mo.; Austin

and Baton Rouge, La.

Median Property Value Comparison:

CENTRAL ARKANSAS

$151,700BIRMINGHAM

$158,000NORTHWEST ARKANSAS

$166,000BATON ROUGE

$172,000AUSTIN

$263,300

AVOID GRIDLOCK

Time in the car adds

up quickly, so you’ll

be glad to know the

average commute in

central Arkansas is less

than 22 minutes. And

if you prefer to bike to

work? Central Arkansas

is connected by 88 miles

of trail and its cities are

becoming increasingly

cyclist-friendly.

Average Commute Comparison (In minutes)

Central Arkansas 21.8Memphis 23.5

Jackson 24.6

Austin 24.8

Birmingham 25.0

CENTRAL ARKANSAS SNAPSHOTWhether talking diversity of economy and

population or the variety of natural landmarks,

central Arkansas is competitive with its peers in

the state and surrounding metro areas. Take a quick

look at the Little Rock-North Little Rock-Conway

Metropolitan Statistical Area.

Population 734,381Workforce 340,083Median Household Income $52,000White 67.4Black 22.9Hispanic 5.11


O N L Y I N A R K A N S A S

Member FDIC

Bank Better.

First Security is only in Arkansas. And the best of our home state – strong economy, friendly people,

outstanding schools – is available right here in Conway. Congratulations to the Conway Area Chamber of

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O N L Y I N A R K A N S A S

Member FDIC

Bank Better.r.r

First Security is only in Arkansas. And the best of our home state – strong economy, friendly people,

outstanding schools – is available right here in Conway.Congratulations to the Conway Area Chamber of

Commerce on 125 years of investing in our community.We look forward to even greater things to come!

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the seat of government and having its own diverse set of higher learning institutions.

Gates noted that people not interested in living in an urban setting might work in Little Rock or North Little Rock, but opt to live in Conway for its attractive neigh-borhoods, school systems and colleges and its cost of housing. The median home price in Conway is $147,000, compared to $187,000 in Dallas.

Little Rock and North Little Rock offer amenities on a larger scale, with name recognition, Gates said, as well as a full service airport and interstate exchange serving as a gateway to the rest of the nation.

“Conway residents take advantage of what Little Rock can offer more quickly than what residents of Dallas, Houston or Atlanta can in their own cities,” Gates said. “Little Rock connects us to the outside world either by brand or by airplane.”

Linked but distinct, the three cities not only create a diverse metro region, they offer diversity within the population and workforce.

“Diversity of people leads to a diversity of decision making, and that’s good for everyone,” Smith said. “Building and fostering a diverse economy can some-what insulate a community from the downturns in the fi nancial markets. Relying too heavily on one industry or market leaves a community vulnerable. It’s like having a diverse portfolio — you don’t ever want to put all your eggs in one basket.”

ONWARD AND UPWARD!

At Acxiom we are proud of being a key economic driver in the Conway economy for the past 50 years. Our associates have grown their careers, raised their families and made their own strong economic impact on Conway for generations. We look forward to the next 50 years of providing the challenging and rewarding opportunities that will only further our

this vibrant community.

acxiom.com/careers


Outlook Conway / SITE SELECTION

BY TODD TRAUB

It comes down to people and places.

A company seeking the best site for re-location will prioritize the quality of the available labor and real estate as it looks

to make its move, said site selection expert John Lenio.

“[For] anybody who’s an office user, la-bor availability, quality and cost is the first location driver,” Lenio said. “When we look at industrial, like manufacturing or distrib-uting, the labor component is No. 2 on the list. The first item for industrial is proxim-ity to customer support and transportation infrastructure.”

Lenio is an economist and executive vice president of location incentives for CBRE,

the Phoenix-based real estate services firm that helps match clients with the most ideal sites for business locations. His is the kind of expertise Conway city leaders and eco-nomic developers are seeking when they court businesses looking to make a move.

Brad Lacy, president and CEO of the Conway Area Chamber of Commerce, said the city — part of a larger metro area that includes North Little Rock and Little Rock — has tried to be proactive in engaging with firms like CBRE. The goal is to match Con-way’s best, business accommodating attri-butes with enterprises looking for a home.

“We work closely with the Arkansas Economic Development Commission and the Metro Little Rock Alliance on national

SETTING SITES ON CONWAYCity continues efforts to attract companies on the move


PANELISTS

JOHN LENIOExecutive Vice President, Economist CBRE

ALAN REEVESDirector, Nemark Knight Frank

The Meadows Office & Technology Park has plenty to offer incoming businesses in terms of developable office locations.

Outlook Conway 17

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CONWAY TENNIS CENTER

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marketing opportunities,” Lacy said. “Last year we began going to major markets on our own to meet with site lo-cation consultants. We plan to make four of those trips this year.”

Lacy said it is important to know what the city has to offer in order to have the best shot at attracting new businesses.

“You need to know what your sweet spot is and for us it is the availability of a young, degreed workforce,” Lacy said. “This makes us a good fi t for and gives us a leg up on shared services and technology projects. We are a great value for companies who may be on either coast or just in large, urban areas.”

It would be a mistake for a site-seeking company not to take the local talent pool into account, Lenio said. If a com-pany is technological or service oriented, Conway would be a good fi t, but perhaps would have less to offer a transporta-tion company.

To attract an industrial operation, Lenio said, the availabil-ity of transportation infrastructure gets a city on the short list, and good real estate — an adequate sized building or developable land — will keep it on the short list. Lacy said Conway can fi nd a place on those lists.

“Manufacturing projects will have requirements that are diverse,” Lacy said. “Access to rail; certain power, water or wastewater requirements; and just the physical size of the site needed. You need to have, and we try to have, a good inven-tory of sites available for consideration.”

Conway’s success stories include attracting Hewlett Pack-ard to open a facility and working with Molex to set up shop for its design and engineering team. The city has plenty more locations with potential, Lacy said.

“For offi ce users, we have the Meadows Offi ce & Tech-nology Park but we also believe that Central Landing will have competitive offi ce sites,” Lacy said. “Our largest indus-trial site is just over 50 acres. One of the biggest strengths is that the [Conway Development Corporation] owns these sites and can be aggressive on price.”

While workforce and geography have not changed, eco-nomics have changed the lineup of potential cities for site selection, Lenio said. For the past 10 years, companies have been moving from high cost markets like New York, San Francisco, Los Angeles and Chicago, to places like Phoenix, Dallas and Atlanta.

But as wages in such places go up, medium tier markets like Little Rock, Kansas City, Nashville and Charlotte be-come competitive.

If every city being considered has the big picture items, Lenio said the site selection consultants will consider for their clients things like local weather, amenities for employ-ees like nightlife or recreational options and of course tax incentives, economic advantages and regulations.

If you don’t build the type of community that is attractive to people, Lacy said, you have no chance of competing for economic development projects.

“That’s why you will see us work alongside city gov-ernment on things like trails, downtown infrastructure or most recently our push to change the private club law to allow microbreweries in dry counties,” he said. “You have to check all of the boxes.”

Outlook Conway 19

This year, CareChex® named Conway Regional: #1 Hospital in the Central Arkansas Market for Medical Excellence in Overall Hospital Care (2018)*

#1 Hospital in the State for Patient Safety in Orthopedic Care (2018)*

#1 Hospital in the State for Medical Excellence in Women’s Health (2018)*

Plus, 49 other prestigious awards*

In addition to our full and dedicated team, we would like to thank

you, our patients, for continuing to trust Conway Regional for your

health care needs.

*CareChex® — an information service of Quantros, Inc.

One Team. One Promise.

More Than 50 Reasons to Celebrate.

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