Gloomy economic outlook for LR? | Arkansas Blog

Thursday, August 19, 2010

Gloomy economic outlook for LR?

Posted By on Thu, Aug 19, 2010 at 4:37 PM

Somebody didn't get the memo that's been going around about how Little Rock is a shining star in the country's economic doldrums. Here's an article about a Moody's report on 22 cities at risk for slipping back into recession. Three of them are in Arkansas, including Little Rock.

With chances of a national double-dip recession now estimated at about one in four, several metro areas will probably experience their own downturns in the first half of 2011," said economist Andrew Gledhill, who wrote the report.

Gledhill identified the 22 markets listed below as having the biggest chance of a double-dip recession because their economies are linked to manufacturing or they've lost whatever industry it was that created the city to begin with.

The report found these faults in cities in Arkansas that made the list:

* Hot Springs, Ark. - resort city (high percentage of vacation homes) with a shortage of well-educated workers, below-average income and shortage of value-added industry.
* Pine Bluff, Ark. - Southern city with negative migration trends, below-average income and no clear economic driver
* Little Rock, Ark. - Southern city with no clear economic driver and a housing market showing moderate stress.

They could have added that Little Rock's own taxpayer-financed economic development arm, the Little Rock Regional Chamber of Commerce, is busy promoting the message that public schools in Little Rock are a waste of taxpayer money.

UPDATE: The Hot Springs Sentinel-Record reports that Moody's is revisiing its gloomy forecast for Hot Springs. Maybe some of those taxpayer-financed LR cheerleaders can get with Moody's to do the same for the capital city. From the Hot Springs report:

“We are updating our forecast for Hot Springs,” said Brent Campbell, an assistant economist [=at Moody]. “We have revised our report to show that Hot Springs is in recovery. We’re actually looking at a sharp spike upward in payroll and employment during the second quarter, so we actually have Hot Springs in recovery, rather than in recession.”

Campbell said figures show that Hot Springs’ tourism industry, as well as education and health care “are doing well, which is providing some stability.”

“Also home prices are off their lows and have been positive for the last two quarters, so we’re seeing some pick up in economic activity. We had seen a downward trend, but then a sharp spike up during the second quarter,” Campbell said, adding that a report on Hot Springs’ improved status “will be revised shortly.”

Tags: , , ,

From the ArkTimes store


Comments (12)

Showing 1-12 of 12

Add a comment

Subscribe to this thread:
Showing 1-12 of 12

Add a comment

More by Max Brantley

Readers also liked…

  • Jason Rapert vs. Wikipedia

    Sen. Jason Rapert against the world: Wikipedia edition.
    • Jan 23, 2016
  • Today in Trump: Obstruction of justice anyone?

    It's the New York Times with the news today. Fired FBI Director James Comey kept notes of his talks with Donald Trump. A memo he wrote in February after a meeting with Trump said the president asked him to shut down the investigation into Michael Flynn, his former national security adviser.
    • May 16, 2017
  • More on how highways were used to wipe out "blight" of non-white neighborhoods

    Vox, a news website that concerns itself with energy and other issues, has a fine piece, including before and after images, on the history of the U.S. interstate system and why roads were built through the middle of cities (unless people of influence stopped them — see Manhattan, San Francisco and Washington, D.C.)
    • Mar 22, 2016

Most Shared

  • Take yourself there: Mavis Staples coming to LR for Central High performance

    Gospel and R&B singer and civil rights activist Mavis Staples, who has been inspiring fans with gospel-inflected freedom songs like "I'll Take You There" and "March Up Freedom's Highway" and the poignant "Oh What a Feeling" will come to Little Rock for the commemoration of the 60th anniversary of the desegregation of Central High.
  • Klan's president

    Everything that Donald Trump does — make that everything that he says — is calculated to thrill his lustiest disciples. But he is discovering that what was brilliant for a politician is a miscalculation for a president, because it deepens the chasm between him and most Americans.
  • On Charlottesville

    Watching the Charlottesville spectacle from halfway across the country, I confess that my first instinct was to raillery. Vanilla ISIS, somebody called this mob of would-be Nazis. A parade of love-deprived nerds marching bravely out of their parents' basements carrying tiki torches from Home Depot.

Most Viewed

Most Recent Comments



© 2017 Arkansas Times | 201 East Markham, Suite 200, Little Rock, AR 72201
Powered by Foundation