Federal Reserve Lauds MLRA as 'Critical' to Region's Success
Friday January 8, 2010
In the Winter 2009-2010 issue of the Federal Reserve Bank of St. Louis'
quarterly review, authors Marta Burgin and Andrew Pack wrote that "Regional groups such as the Metro Little Rock Alliance and the Little Rock Regional Chamber of Commerce have been critical in working together to create jobs."
Their article, "
Recessions Happen: Now What?," continues:
"Little Rock has one of the lowest unemployment rates of any city in the United States. Little Rock’s regional approach to job creation has resulted in job growth even amidst a deep recession. During 2007 and 2008, Little Rock had a record amount of new capital investment, with almost $1 billion in new investments during the early part of the recession. Recently, the Little Rock area has attracted jobs in the aviation, energy and steel industries. Bringing together regional resources and assets is imperative for communities wanting to build more resilient economies after the recession."
Further, at 6.2 percent September unemployment, Little Rock was the lowest in the Fed's Eighth District.
Unemployment in 8th District (SA*, %)
| MSA |
Dec-09 |
Sep-09 |
| Little Rock |
4.3 |
6.2 |
Memphis
|
5.8 |
10.1 |
| St. Louis |
5.8 |
10.2 |
| Louisville |
5.7 |
10.6 |
| United States |
4.9 |
9.8 |
*Seasonally adjusted
Based on his recent study, The Effects of Recessions Across Demographic Groups, St. Louis Fed economist Howard J. Wall concludes: "We cannot always control what will happen during a recession, but we can better equip ourselves to have power over what we can somewhat control: our educational attainment."
According to Wall, "Recessions will happen, but people and communities must plan and prepare for future recessions now. Education, workforce development and regional approaches to job growth are three interrelated issues that will bolster more stable communities in future recessions."