Basic Information about Arkansas
2021/5/21
Links to Basic Economic Data:
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Overview
- Arkansas' nickname, the "Natural State", was officially adopted in 1995, recognizing the state's beautiful scenery, landscape, and abundant wildlife.
- Bill Clinton, the 42nd President of the United States was born in Hope, in southwest Arkansas. The William J. Clinton Presidential Library is located in Little Rock.
- Arkansas sits entirely within the Central Standard Time zone.
- By land area, Arkansas is the 27th largest state in the nation. It is the largest state in this Consulate’s jurisdiction and is about one-third the size of Japan.
- Arkansas is the 33rd most populous state in the nation, with about 3.0 million residents in 2020. About 56% of the state’s population lives within urban areas.
- During WWII, American authorities removed 120 Japanese Americans from the West Coast following the attack at Pearl Harbor. Two-thirds of that number, mostly under 21 years old, were American born. All were temporarily imprisoned in 10 “relocation centers”, two of which were in constructed in Desha Count, Arkansas. One camp was in Jerome and one was in Rohwer. The Rohewer camp, officially closed on November 30, 1945 and the land was eventually converted to agricultural. While the physical aspects of the camps have mostly been lost to time, a World War II Japanese American Internment Museum opened at Arkansas State University in McGehee to tell the stories of more than 8,000 Japanese Americans interned at Rohwer.
Japanese Business Connections
- The Arkansas Economic Development Commission reports that about 45 Japanese-owned companies operate in the state. Employment by these Japanese companies is estimated at almost 6,000 people, accounting for about 17% of all employment created by Foreign Direct Investment in the state. Japan is the largest foreign investor in Arkansas.
- Leading Japanese companies with operations in Arkansas include Hino Motors, Denso, Kagome Foods, and many others.
- Wal-Mart, the largest company in the U.S. by Revenue, opened its first store in Arkansas, in 1962. The company’s headquarters remains in Bentonville, Arkansas today. The heirs of Wal-Mart’s founder, Sam Walton, still own more than 50% of the company’s shares. Wal-Mart had been the parent company of Japan’s Seiyu Group until November 2020, when it agreed to sell all but 15% to KKR and Rakuten.
- Arkansas exports about $6 billion each year. Of that amount, Arkansas exports about $370 million to Japan annually. Top exports to Japan are aircraft (HS8802), paper (HS4811), and hydrocarbons (HS2903).
- Arkansas imports more than $9 billion in products each year. Of that amount, about $190 million is imported annually from Japan. Top imports from Japan include engines (HS8407), motor vehicle parts (HS8708), and bars & rods (HS7213).
Representative Office in Japan supports bilateral trade & investment
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Mr. Neal Jansen, Director Asia Office State of Arkansas Email: NJansen@arkansasedc.com PH: 81-3-4530-9815 FAX: 81-3-4530-9815 |
State Government Priorities
- Gov. Sarah Huckabee Sanders was inaugurated in January 2023, as the first woman to serve as Governor of Arkansas.
- Computer science enrollment, in late 2020, exceeded 10,000 for the first time ever, an increase of 847% since the 2014-2015 school year.
- Economic development efforts since Gov. Hutchinson’s 2015 inauguration have included incentive agreements with 508 new/expanding companies, announcing 22,705 new jobs and $10.3 billion in capital investments.
- Tax cuts have been phased in, with a $102 middle class tax cut in 2015 and a $50 million tax cut for low income residents in 2017. In 2019, Arkansas began a two-step plan to reduce the maximum marginal tax rate. Beginning Jan 1, 2020, tax brackets were consolidated and the top marginal rate was reduced from 6.9% to 6.6%. Beginning Jan 1, 2021, step two further reduced the top marginal tax rate from 6.6% to 5.9%. Gov. Hutchinson’s stated goal is to reduce the top rate to 5.0% and his latest budget proposals envision further reductions.
- Efficiency improvements have included merging 42 executive-branch agencies into 15 departments, one of the most sweeping reorganizations in nearly 50 years.
- Efforts to expand opportunities for veterans have included the November 2020 launch of a website to share information about unique career opportunities available to veterans, as well as other veteran-related benefits related to license portability, education opportunities, employment assistance, etc… The Hutchinson administration is working to improve upon the nearly 34,000 businesses operated by more than 200,000 veterans living in Arkansas.
- Highway accessibility and infrastructure improvement, primary factors in state competitiveness, continues to be a challenge for most states. An existing ½ cent sales tax, passed in 2012 to support infrastructure investments, had been scheduled to expire in 2023. In November 2020, however, Arkansans voted to make the infrastructure funding permanent, enshrining it in the state’s constitution.