Northwest Arkansas dips in dynamic metros ranking
Investments in artificial intelligence and manufacturing were key in economically dynamic U.S. metros in 2024, a report by Bentonville's Heartland Forward shows.
The big picture: Policymakers and civic leaders are encouraged to use the annual report as a playbook of best practices for economic vitality among nearly 400 peer metros.
Researchers track trends and parse wages, employment, GDP growth, entrepreneurship and average income to develop the ranking.
Heartland's report is similar to the Milken Institute's Best Performing Cities index in which Northwest Arkansas ranked No. 7, but uses different metrics, notably the share of young firms to determine an area's entrepreneurial ecosystem.
By the numbers: Midland, Texas, (No. 1) with its petroleum economy and per capita income of $151,000, landed atop the list. Retirees are still moving to Wildwood-The Villages, Florida, (No. 2) driving its real estate development.
Bozeman, Montana, (No. 3) leaned into its outdoor recreation economy and diversified its tech sector.
Zoom in: Northwest Arkansas dipped from No. 28 in 2023 to No. 36. "I don't see that as a major downward revision," Heartland Forward CEO Ross DeVol told Axios.
He noted NWA's overall number of employees at young companies and the percentage of people with bachelor's degrees.
"Typically those are pretty good measures of the entrepreneurial system," he said.
What they found: Places heavily involved in AI — Silicon Valley (No. 7) and San Francisco (No. 14) in California and Austin, Texas, (No. 4) — moved up the rankings as companies invested in the new tech, helping those markets rise in the rankings after a pandemic dip, DeVol said.
Economic diversification, such as capitalizing on outdoor recreation while growing a tech or manufacturing sector, helped drive communities like Bozeman and Austin.
Entrepreneurship is a key measure of the report, so the prevalence of young firms helps buoy rankings.
The bottom line: Recommendations for policymakers include creating training programs for the area's business workforce, fostering entrepreneurship, investing in infrastructure and leveraging an area's natural and academic assets.
Authors also encourage regional collaboration with nearby metros, even across state lines.
Go deeper:
Tech is king in "Most Dynamic Metros" ranking (2023)
Northwest Arkansas ranks No. 21 for most dynamic U.S. metros (2022)
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