Fayetteville, AR – January 2024 Jobs Report – Steady Growth Amidst National Uncertainty

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Fayetteville’s job market began 2024 with positive signs, exhibiting stable growth despite national economic concerns. While the pace slowed compared to the previous year, the report indicates a promising outlook for the year ahead. New business creation added new full-time jobs, demonstrating continued local economic investment.

Highlights:

  • 14 new businesses opened in January, creating 46.5 new full-time jobs (FTEs). (Source: City of Fayetteville Economic Vitality Progress Report)
  • Overall job growth of 0.7% compared to December 2023, translating to approximately 80 positions. (Source: Career Connect @ Get.It)
  • Unemployment rate remained low, mirroring the statewide trend of 3.2% in December 2023. 

Industries and Occupations Grew:

  • Trade, Transportation & Utilities: Saw the strongest growth (1.1%), reflecting the importance of logistics and distribution to the local economy.
  • Leisure & Hospitality: Added 1.0% new jobs, likely due to the approaching peak season in tourism and travel.
  • Manufacturing: Showed a welcome 0.8% increase, hinting at potential recovery after previous declines.

Industries and Occupations Shrank:

  • Information: Witnessed a slight decline (-0.3%), impacted by national trends and automation in certain areas.
  • Financial Activities: Experienced a minor decrease (-0.2%), primarily due to national trends and automation in certain areas.
  • Retail Trade: Faced a small decline (-0.1%), likely due to seasonal adjustments.

Compared to Same Month Last Year:

  • Job growth slowed down compared to January 2023, which saw a 1.8% increase.
  • However, the January 2024 report still indicates positive momentum, adding approximately 115 new full-time jobs compared to the previous year.

Compared to Previous Month:

  • Job growth slowed down slightly compared to December 2023, indicating a possible return to a more typical seasonal pattern.
  • The overall trend remains positive, suggesting continued stability in the Fayetteville job market.

Future Outlook:

  • National economic uncertainties may pose challenges, but Fayetteville’s diverse economy and ongoing business creation offer positive indications for continued job growth.
  • Industries like healthcare, education, and technology are expected to remain stable and experience moderate growth.

10 Growing Occupations in Fayetteville:

  1. Registered Nurses
  2. Software Developers
  3. Customer Service Representatives
  4. Truck Drivers
  5. Elementary School Teachers
  6. Marketing Specialists
  7. Accountants
  8. Construction Workers
  9. Chefs and Cooks
  10. Retail Salespersons

10 Companies Hiring Now in Fayetteville:

  1. Walmart
  2. J.B. Hunt Transport Services, Inc.
  3. Tyson Foods, Inc.
  4. University of Arkansas
  5. Mercy Hospital Northwest Arkansas
  6. Tyson Foods, Inc.
  7. Cox Communications
  8. Sam’s Club
  9. The Home Depot
  10. CHI St. Vincent

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