Overall February building permit values were up almost 30% in Northwest Arkansas, but permits for new home construction fell more than 3% thanks in part to limited availability of residential lots.

Permit values in the region’s four largest cities during February totaled $42.583 million, up 29.3% compared to the $32.913 million a year ago. Residential building comprised the bulk of 2015 total at $31.4 million, which was down compared to the the $32.41 million issued a year ago.

The cities of Fayetteville, Springdale, Rogers and Bentonville issued 139 permits for new homes, compared to 129 permits in the year-ago period. Rogers posted the biggest year-over-year gain in residential starts with permit values rising 16% from the same month in 2014. The other three cities saw permits values nearly flat or declining from a year ago.

Residential Building Permits
Bentonville: $12.459 million, down 2.67%
Fayetteville: $8.167 million, up 1.15%
Rogers: $5.981 million, up 16%
Springdale: $3.793 million, down 40%

Northwest Arkansas real estate agents told The City Wire this month that new homes are selling well, and they expect residential permits through the summer to hold steady with last year which was deemed flat against 2013.  

Kathy Deck, director for the Center of Business and Economic Research, recently said homebuilders hit a comfortable stride in 2014, with ample work but no major inventory built up thanks to steady home sales. She said this is a healthy market as long as supply and demand remain in sync. 

Through February, MountData.com reports there were 387 new homes listed for sale in Benton and Washington counties. In the months of January and February MountData shows there were 166 new homes sold for an average price of $108 per square foot. There appears to be between 3 and 6 months of new home inventory listed for sale with the lower price points having the fewest available, notes MountData.com.

The one thing that holds back more residential building is the limited supply of lots in certain areas like east Fayetteville and across Bentonville, according to Gary Head, president of Signature Bank. He said banks’ holding lots in their inventories have been able to sell most, if not all of their holdings in the past two years.

Arkansas is one of 31 states that added construction jobs since December 2014. Construction employment in Arkansas is up 4.9% or 2,300 since the start of this year, which was the largest increase of any other state, according to the Associated General Contractors of America, a trade group for builders.

"There are lots of good-paying, full-time jobs available in construction, with more work on the way." said Ken Simonson, the association's chief economist.

Construction employment nationwide totaled 6.353 million in February, the highest mark since February 2009, with a 12-month gain of 321,000 jobs or 5.3%, Simonson noted. Federal Bureau of Labor Statistics data shows Arkansas with an estimated 49,700 construction jobs in January, up 6.8% compared to 46,500 in January 2014.

Average weekly hours of all employees climbed to 39.6 hours and weekly earnings averaged $1,066 in construction, the highest levels in the nine-year history of both series. Weekly earnings in construction were 24% above the private-sector average.

COMMERCIAL SECTOR
The commercial and public construction sectors have been the most robust over the past year in terms of new growth.

"Contractors in most states appear optimistic about the prospects for construction, especially for apartments and private nonresidential projects," Simonson said.

The four Northwest Arkansas cities had a cumulative $11.41 million in commercial permit values for February, up sharply from the $2.495 million posted a year ago. The commercial permit rise is attributed to major public projects in Springdale and some private construction which together comprised $10.197 million, or 89% of the regional total.

The city permits involve a new city park at Hylton Road in Springdale with a dog park pavilion valued at $359,328. Splash pads on the south and north sides of the park valued at $359,328 each.

Other large projects in Springdale include a $4.54 million office complex on 48th Street as well as the new $496,650 Today’s Bank location at 5178 W. Sunset. Manufacturer Stabil Loc obtained a permit valued at $2.279 million for its plant in the city’s industrial park. 

Rogers was the only other city of the four to issue commercial building projects last month. The Promenade Point Apartments under construction by Sterling Construction Corp. was issued a permit for a new leasing office at 4101 W. Huntington Dr. This permit was valued at $563,315. 

Bayyari Construction was issued two new permits for commercial buildings in Rogers:
• 1301 W. Hudson Road $275,000
• 1402 W. Hudson Road $375,000

Building Permits (January through February)
Bentonville
2015: $30.112 million 
2014: $44.57 million
-32.4%

Fayetteville
2015: $11.468 million 
2014: $19.657 million
-41.65%

Rogers
2015: $16.068 million 
2014: $6.171 million
160%

Springdale
2015: $20.355 million 
2014: $7.38 million 
175.8%

The largest four towns in Northwest Arkansas continue to show improved sales tax revenue collections. The cities report $14.419 million in sales tax revenue collected in November, December and January, up 10.65% from the $13.031 million reported in the same period last year.

City finance directors are pleased with their revenue reported thus far in calendar 2015. 

Revenue reported to the cities in March was generated from the sale of good and services in January, and remitted to the state in February, creating a two-month lag in the reporting.

The March report shows the following collections for the four cities.
• Bentonville: $854,057, up 12.04%
• Fayetteville: $1.483 million, up 11.89%
• Rogers: $1.123 million, up 8.29%
• Springdale: $813,815, up 18.71% 

All of the cities collect a 2% tax on goods sold and services rendered. Half of that goes toward debt repayment and the remaining 1% flows into each city’s operating budget. 
This report reflects the latter 1%. 

City finance directors are pleased with their revenue thus far all noting revenue to date is above budget with healthy increases in each of the four cities. A temperate January across Northwest Arkansas compared to last year is likely one of the reasons for the solid year-over-year gains in the March report. That and fuel prices are some 40% cheaper than a year ago.

Revenue reported over the past three months was also strong across all four cities with Springdale leading the pack amid continued restaurant and retail growth in the city. Following is the cumulative revenue from the previous three months (November, December and January).
• Bentonville: $2.54 million, up 8.7%
• Fayetteville: $4.916 million, up 9.19%
• Rogers: $3.994 million, up 7.5%
• Springdale: $2.967 million, up 18.66%

City leaders have told The City Wire they expect 2015 to bring stronger sales tax numbers among lower unemployment numbers and fuel deflation which is putting extra money into consumer pockets.

Diane Swonk, chief economist at Mesirow Financial, said if oil prices stay low, gas savings throughout the U.S. economy could reach $300 billion this year. That’s about $550 additional dollars per two-car household. In the two-county area that’s more than $100 million based on the number of households noted in the most recent Census records.

POSITIVE OUTLOOK
While Springdale is playing catch-up with the other cities, Mayor Doug Sprouse expects sale tax revenue will be up incrementally through the summer. He expects another bump next year when Sam’s Club reopens a new Springdale location — a missing factor from the city’s tax base since 2006, when the retailer pulled up stake and moved to Fayetteville.

Foghorns recently opened a new Springdale restaurant and Panda Express is slated to open at 1087 N. 48th St., later this summer, according to permits on file with the Arkansas Department of Health.

Bentonville is looking forward to the opening of the Scott Family Amazeum July 15 which will bring more visitors to the city. The city is also getting more eateries in the coming weeks that could pull additional sales tax dollars into city coffers. The new restaurants include:
• Ramo d’Olivo - March opening;
• Oven and Tap - April 6;
• Smashburger -Mid April;
• Fresh Seafood Market - April 14; and
• Belfry Restaurant - Summer opening.

In Fayetteville, a Whataburger on MLK is now under construction, and Freddy’s Frozen Custard and Steakburgers have staked out locations on Salem Road in the West Wedington area of the city. The much anticipated Whole Foods shopping center is expected to open later this year. Raising Cane’s Chicken has already put permit work into action in the North College Avenue shopping center where Whole Foods will open.

Rogers is never outdone when it comes to attracting restaurants and retailers. The city will soon welcome Pei Wei Fresh Kitchen, Uncle Maddios Pizza, a new Haverty Furniture, and a Burlington Coat Factory at Pleasant Crossing near the Cavender’s that has relocated Rogers from Springdale.

Try it, test it, fix it and move on. That’s the mantra for retail giant Wal-Mart Stores and there is no shortage of tests conducted in the pursuit of demanding consumers. The process also includes a new management team aimed at improving service and growing sales.

One of the more unique tests involves online grocery orders that are picked up in stores in San Jose, Calif., Phoenix, Huntsville, Ala., and Denver; or at the stand alone Pickup Grocery format in Bentonville which opened to the public six months ago.

In recent weeks the “Everyday Low Cost” retailer began offering deeper discounts to consumers willing to try the online grocery-pickup experience. Using targeted emails to Walmart.com customers in the test areas like Northwest Arkansas, Wal-Mart agreed to give a $10 discount on a user’s first $50 order. This offer went out to proposed customers on Monday (March 24) and is good through March 26. The offer supplies an eVoucher code that can be used at checkout. This offer comes on the heels of a $5 discount voucher offered in recent weeks to the same potential shoppers.

The City Wire asked Wal-Mart about the savings offer and was told the retailer is trying new ideas with this format, but provided no other info about the limited time savings promotion. 

“We are testing many things and we’re continuing to learn from our customers,” said  Betsy Harden, Wal-Mart corporate spokeswoman.

Hardin said the retailer has no data to share on the standalone Pickup Grocery format. She did say the Pickup Grocery option in Denver that has been tested for more than a year is seeing roughly 80% of orders from repeat customers.

Retail expert Carol Spieckerman, CEO of newmarketbuilders.com, said the discount offers are no doubt an effort by Wal-Mart to drive traffic to its Pickup Grocery so it can collect more insight on how shoppers use the concept. She said they are also interested to see how promotions alter traffic.

The stand alone format in Bentonville opened in September, and since that time the retailer has opted to expand the Pickup Grocery option to stores for fulfillment adding Sam’s Club in Bentonville, Walmart Stores in Huntsville, Ala., and the Phoenix market as of February.

The retailer is also featuring its Pickup Grocery in a multiple platform media campaign from Internet banner ads on Yahoo! to local billboards in markets where the tests are underway.

Wal-Mart could have put its Pickup Grocery format anywhere but likely chose to build it close to its Bentonville headquarters for easier access and hands-ons experiments and ongoing tweaks that come from customer feedback. 

Spieckerman applauds Wal-Mart for the investing in the Pickup Grocery test lab adding that the retailer has “little concern about cannibalizing sales by clustering Neighborhood Market locations nearby. In fact, purposefully altering the Northwest Arkansas retail landscape only serves to provide Wal-Mart with greater insight into how alternative formats will fare in more saturated urban markets.”

Stewart Samuel, an analyst with IGD, told The City Wire that his firm talks to more than 1,000 shoppers each month about attitudes, motivators and barriers to food and grocery shopping online. The research is done in Great Britain, a market that is more advanced with online grocery buying than the U.S.

Looking at this data is perhaps one way to assess how U.S. demand could develop if the options were available, Samuel said.

Judith McKenna, chief operating officer for Walmart U.S., who spent time with Walmart’s ASDA in the United Kingdom, said pickup depots are gaining in popularly across Europe where home grocery delivery is not a new concept.

Samuel said IGD’s research shows 18% of online grocery shoppers use home delivery and pickup options. While the majority of those surveyed still prefer home delivery, the pickup option is attracting more users with each quarter of the survey. One in five online grocery shoppers use that service once a week or more. Another 20% said they shop online every two weeks, while 23% said they use it as a stock-up trip one time a month.

The major motivation behind using online shopping among those surveyed by IGD is the convenience factor, with 82% saying it’s easy and convenient, and 59% said they shop online because its quicker.

“In my experience using the Pickup concept, I’ve encountered many shoppers who rely on it to the exclusion of other formats so Wal-Mart would seem to already have solid examples of how its Pickup Grocery is driving loyalty,” Spieckerman said. “It remains to be seen how or if Wal-Mart will deploy the format in other regions but in the meantime, the insights gained are surely being parlayed into its other businesses.”

America's Car-Mart announced the opening of its 139th dealership, the fifth new lot opening this fiscal year. The dealership is located in Valdosta, Ga., also the fifth Car-Mart lot in the Peach State, according to the release.

“We intend to add three more new dealerships between now and April 30, the end of our fiscal year,” said CEO Hank Henderson.

Shares of America’s Car-Mart were trading down nearly 1% in the Wednesday (March 25) afternoon session at $55.60 per share. The stock has been rising in recent weeks on the heels of stronger financial balance sheets and earnings reported in February. The stock decline is in sync with the broader market indices all trading lower on weaker-than-expected durable goods report earlier in the day from the U.S. Department of Commerce.

Whether consumers plan to don their Sunday best or play Easter Bunny for the kids, some 80% of Americans said they plan to celebrate the Easter holiday this year by doling out an average $140.62 per person, up 2.3% from a year ago.

Spending this Easter is expected to top $16.4 billion, up from $15.8 billion last year, according to the National Retail Federation. Retailers expect candy and apparel sales to be strong amid lower gas prices which is putting a little more cash into family budgets compared to year ago.

“Easter will be the perfect segue into spring for both consumers and retailers who have longed for warmer weather for quite some time,” said NRF President and CEO Matthew Shay. “As one of the busiest times of year for several retail sectors and as shelves begin filling with both traditional spring and holiday merchandise, retailers are looking forward to welcoming shoppers with attractive promotions on home goods, garden equipment and traditional Easter items.”

The Easter holiday traditionally marks the shift into spring and boosts apparel sales in the process. Consumers are expected to dole out $2.9 billion in new clothes for their families. According to the survey, 45% of those celebrating will purchase clothing.

Grocers also are poised to benefit as 85.7% of people plan to buy food for a special holiday meal this year. Food spending is expected to top $5.3 billion compared to $5 billion spent last year, according to the survey results. Roughly 15% of consumers said they will opt to eat out on Easter and skip the cooking and cleanup.

The report also shows that 9 out of 10 shoppers will purchase candy ahead of the Easter holiday spending a projected $2.2 billion, even with a year ago. Fan favorites include jelly beans, chocolate bunnies and chick-shaped Peeps.

Consumers this holiday are also expected to spend $2.4 billion on gifts, $1.1 billion on flowers, $998 million on decorations and $695 million on greeting cards.

Discount retailers are expected to be some of the biggest winners this holiday with 58.6% looking for good prices on their Easter merchandise. Another four in 10 plan to shop at department stores, while nearly one-quarter (23.8%) plan to shop at a local or small business. Additionally, 21.8% will head to a specialty store like a florist or jewelry store and 18.8% will shop online.

The majority of Easter participants (57.4%) said they plan to spend the day visiting friends and family, and half (50.8%) will attend a church service. About a third of those surveyed said they will plan an Easter egg hunt for the children in their lives. 

“Easter remains a beloved affair for consumers young and old, and this year it looks like families are ready to dig into their budgets to make the most of the special day,” said Prosper’s Principal Analyst Pam Goodfellow. “The warm weather should help fuel some interest in celebrations, especially given the record-breaking winter much of the country experienced the last several months.”

Gov. Asa Hutchinson will turn to the Sunshine State for his new director of economic development.

Talk Business & Politics and The City Wire have learned that Mike Preston, vice president for Government Relations with Enterprise Florida, has been tapped to be the new director of the Arkansas Economic Development Commission (AEDC).

AEDC is the state's job development agency and works to recruit and retain businesses in the state. Former director Grant Tennille was not retained in the position by Gov. Hutchinson.

Preston was promoted to his position with Enterprise Florida in 2008. Enterprise Florida is a public-private partnership that serves as that state's economic recruiting arm.

Hutchinson plans to hold a formal press conference at the capitol at 10:30 a.m. on Thursday to make the appointment. On Wednesday night, he hosted a reception of economic developers to introduce Preston as his pick.

Florida is considered one of the more active states in terms of economic development. According to the Enterprise Florida website, there have been six significant announcements so far in March, with almost 500 new jobs expected from the new deals.

Also, Florida’s manufacturing sector has reported growth after bottoming out in 2010. There were an estimated 330,100 employed in the state’s manufacturing sector in January, up from 327,600 in January 2014, and well above the 308,700 in January 2010.

Like Arkansas, Florida did suffer with high unemployment rates for several years following the housing industry collapse in that state. The unemployment rate in Florida during January was 5.7%, down from 6.5% in January 2014. Arkansas’ jobless rate in January was 5.6%, down 6.6% in January 2014.

P.A.M Transportation Services Inc. doled out hefty discretionary bonuses and a 3% annual pay boost to the salaries of CEO Daniel Cushman and Chief Financial Officer Allen West in 2014, according to the carrier’s annual Proxy filing with the Securities and Exchange Commission.

Cushman earned total compensation of $1.381 million last year, a 91% gain over the $720,034 reported in 2013. His salary increased to $461,173 and his discretionary cash bonus rose 135% to $213,950 from the year-ago period. Cushman also received $470,028 in a separate cash bonus as part of the company’s short-term incentive plan enacted last year. Stock awards totaled $213,950 last year, a gain of 135% from the prior year. Lastly, Cushman received perquisites equal to $13,018 last year. This was attributed to retirement contributions and use of company-owned automobiles.

West, who was appointed to his position in June 2013, earned a total of $514,820 last year. This included a salary of $228,874, up 3% from the prior year. West earned a discretionary cash bonus of $75,000 last year, compared to $5,000 paid in 2013 — as noted West only held the position for half the year in 2013. His stock awards totaled $53,313, more than twice the $22,713 awarded in 2013. West’s separate cash bonus as part of the short-term incentive plan totaled $150,010. He also received $7,623 last year related to retirement plan contributions and use of company vehicles.

These two executives were rewarded for what turned out to be stellar 2014. The Tontitown-based carrier reported annual net income of $13.491 million for the 2014, a steady bump up from the $5.914 million reported in 2013. On a per-share basis annual earnings were $1.68 per share, compared to 68 cents for the full year in 2013. 

BOARD OF DIRECTORS
Shareholders were asked in the Proxy to approve a slate of eight officers for the coming year.
Frederick Calderone, 64, vice president of Cen Tra Inc.
Daniel Cushman, 60, CEO of P.A.M.
A. Scott Davis, 52, vice chairman of Clearview International
Norman Harned, 74, retired officer with Cen Tra Inc.
Franklin McLarty, 40, CEO of RML Automotive
Manuel J. Mouroun, 87, principal shareholder of Cen Tra Inc.
Matthew Mouroun, 41, vice chairman of CenTra Inc. 
Daniel Sullivan, 74, attorney/ partner Sullivan, Hincks & Conway

INSIDER RELATIONS
P.A.M. did considerable business with Cen Tra Inc. last year, which benefited four of the eight directors who are connected as investors or officers with CenTra.

During 2014, certain subsidiaries of CenTra and other companies owned or controlled by P.A.M. directors, Manuel Moroun and Matthew Moroun, paid the company a total of $15,255,822. During 2014, P.A.M. made payments to certain subsidiaries of CenTra and other companies owned or controlled by its directors, Manuel Moroun and Matthew Moroun, in the aggregate amount of $15,328,613.

These insider dealings with the Morouns are in addition to the following related-party transactions with Oakwood Financial, a company in which the Morouns also own a controlling interest. Following were the 2014 payments from P.A.M. to Oakwood.
• $515,302 insurance premiums paid on behalf of independent carriers
• $3,730,760 equipment insurance premiums paid for tractors and trailers
• $2,864,531 received payments for claims filed.
• $10,411,048 paid for commercial auto liability and general liability coverage
• $241,086 for workers compensation coverage

Manual Moroun is also consultant to the company earning $100,000 annually in a contract that was renewed in 2013 for five years.

CLOSELY-HELD
The company reports 7,427,115 shares of outstanding common stock eligible for shareholder vote. Some 59% of the outstanding shares are held by company officers and or directors.

The largest shareholder with 4.331 million shares beneficially owned is Matthew Moroun. The second largest shareholder is institutional investor Dimensional Fund Advisors with 663,684 shares. Director Scott Davis owns  28,004 shares while Daniel Sullivan owns 23,504 shares. Other director positions include: Manual Moroun, 16,504 shares; Daniel Cushman, 7,000 shares; Allen West, 675 shares; and Frederick Calderone, 504 shares.

The directors will convene for their annual meeting of stockholders at 11 a.m. on April 28. The meeting will be held in Warren, Mich.

Fort Smith tax collections have struggled in recent years to post strong gains and two years of gains. But the first two reporting months of 2015 indicate that city revenue could in 2015 build off the 3.24% gain posted in 2014.

The city has collected $3.602 million for the first two reporting months, up 7.78% compared to the same period in 2014. Collections in the two months are also 8.64% above the budget estimate.

The city’s 1% street tax program collected $1.578 million in the February report, up 8.4% compared to February 2014. (Because the state of Arkansas has a two-month delay in reporting collections back to the cities, the city of Fort Smith — for budgeting purposes — has historically reflected the collections on a one-month delay. Which is to say, the tax collections remitted to cities in March are from taxes collected in January and transferred by merchants to the state in February.)

Collections during 2014 of the Fort Smith’s 1% sales tax for the street program topped $20 million for the first time since 2008. The 1% tax generated $20.099 million for the January-December reporting period, up 3.24% over 2013, and was above the budget estimate by 0.78%. However, collections for the past five years have been inconsistent. Revenue from the city’s street tax was down 0.87% in 2010, up 3.9% in 2011, up 1.36% in 2012, and down 0.69% in 2013.

The city’s portion of the countywide 1% sales tax generated $1.226 million in the February 2015 report, up 8.77% above February 2014, and up 5.4% above budget estimates. For the first two reporting months of the year, the city’s portion of the countywide tax revenue is $2.758 million, up 6.78% compared to the same period in 2014. The revenue for the first two months is also 7.1% above the budget estimate.

Fort Smith City Administrator Ray Gosack said the recent tax revenue trend indicates the regional economy is back on stable ground.

“This increase in retail sales combined with strong building permit activity, improved employment trends over last year, increased hotel tax revenues, and higher airport enplanements are all signs that the Fort Smith regional economy is as strong as ever. The effects of the Great Recession appear to be behind us. Business is investing and consumers have greater confidence. 2015 is on track to be our highest year ever for retail sales,” Gosack noted.

He said the improved revenue is not likely to result in budget changes.
 
“We’re still early in the year, so it would be premature to consider any budget additions. Any sales tax revenue beyond our estimates will help the General Fund balance, which ended 2014 one percent less than our target,” he said.

The countywide tax collection is critical because the revenue is a little more than 40% of the city’s general budget of roughly $42 million. A majority of the general fund budget supports fire, police and other critical city functions.

February’s report is an acceleration of the recent trend for the county tax. The city’s portion of the countywide 1% sales tax generated $15.625 million in the 2014 reporting period, up 1.77% above 2013 collections, and up 1.29% above budget estimates.

PREVIOUS ANNUAL COLLECTION INFO
Fort Smith 2% sales tax collection (1% for streets; 1% for water/sewer bonds)
2014: $40.198 million
2013: $38.938 million
2012: $39.210 million
2011: $38.683 million
2010: $37.229 million
2009: $37.554 million
2008: $41.226 million
2007: $37.858 million
2006: $36.840 million

Fort Smith portion of 1% countywide sales tax
2014: $15.625 million
2013: $15.353 million
2012: $15.279 million
2011: $15.15 million
2010: $14.89 million
2009: $15.04 million
2008: $16.61 million
2007: $15.15 million
2006: $14.71 million

The business of exports is not without its challenges given regulatory hurdles, rising value of the U.S. dollar and Congressional inaction with respect to Free Trade Agreements proposed with the European Union and Asia Pacific. 

That said, exports remain big business for numerous small to mid-size Arkansas-based companies like Canvas Corp. of Springdale, PowerTechnology of Little Rock and Russellville-based POM. Each of these companies report annual export growth even with the rising U.S. dollar and logistical hurdles primarily resulting from the labor dispute at West Coast ports earlier this year.

William Burgess, founder of PowerTechnology and chairman of the Arkansas District Export Council (ArDEC), said his company is growing exports 26% year-over-year. POM, which makes smart parking meters, experienced a 20% gain in exports last year and officials there are hoping to bump that up to 30% this year.

Christine Meier, founder of Canvas Corp., a company that provides craft supplies to art communities, continues to grew her export business which now covers 25 countries across virtually every continent.

SMALLER WORLD
“The world is becoming a smaller place for us as more customers around the globe want to order directly from Canvas Corp. We work through a few distributors for retail accounts but we also enlisted the help of 100 art designers we call the ‘Creative Crew.’ This group of artists are located across the globe from Chili to Canada and from Freedom Island off the coast of South Africa to Russia and Ukraine. This Crew are our ambassadors who show off their art designs using our products on various websites,” Meier said.

She expects her export business to grow about 25% this year as she is close to adding at least six countries to her business clientele. Meier said European countries –Netherlands, Spain, France and England – are among her largest export orders, but business around the globe is growing.

“Our exports are growing each year due to our expansion of social media outreach and the addition of our Creative Crew who help us reach more global customers,” she added.

Meier and the other exporters noted also take part in international trade shows each year to help market their products to new distributors and potential customers.

ROOM FOR MORE
Burgess said exports out of the Natural State each year are linked to 50,000 jobs, and growing international sales will help add more jobs in towns like Springdale and Russellville.

“Arkansas exports mean more local jobs and that’s good no matter how you look at  it,” Burgess said.

The most recent numbers Burgess could provide show total exports from Arkansas helped contribute to the record-setting value of U.S. goods and services exports in 2013, which reached $2.3 trillion. Burgess said there is a lag in the export reporting, but state exports from July 2013 to July 2014 were $7.2 billion, according to the Office of Trade Analysis. Total exports out of Arkansas grew 36% from the prior-year period. Burgess is confident that exports since that have remained strong based on the intermittent data gleaned from companies and ArDEC members.

“We are a small state and there is plenty of room for more of our manufacturers to benefit from selling their goods abroad, which is the focus of the Arkansas District Export Council,” said chairman Burgess.

By metro area the following results dating back to 2013 illustrate how widespread export volumes are across the state, according to Burgess’ information.
• $2.5 billion: Little Rock, North Little Rock, Conway 
• $699 million: Fayetteville, Springdale, Rogers
• $498 million: Fort Smith 
• $205 million: Pine Bluff
• $140 million: Jonesboro
• $61 million: Hot Springs

OVERCOMING FEARS
Burgess said ArDEC’s work around the state is aimed at providing small to mid-size companies with the educational tools that can help them overcome fears related to export trade. 

ArDEC’s outreach involves Export University training sessions around the state for nominal charges ($25) for day-long events. He said these sessions include everything an introduction into exporting, document completion, help finding partners abroad and financing. 

The organization also is looking for Arkansas companies exporting goods and services abroad, hoping to honor a few of those efforts at the upcoming Governor’s Award for Excellence in Global Trade event slated for May 19 in Little Rock.

Burgess, encourages exporting companies to apply. The applications are available on the ArDEC website and due by April 24.

“The application is very short and easy to complete, requiring only a one page application and a one page written narrative,” he explained.

ArDEC was established in 1978 as one of 56 District Export Councils nationwide. All council members are appointed by the U.S. Secretary of Commerce, and are tasked to promote and support international trade activities and awareness.

An estimated year-over-year gain of 8,700 jobs in Arkansas’ tourism sector and 7,200 jobs gained in the trade, transportation and utilities sector pushed the state’s February jobless rate down to 5.5% – a rate not seen since August 2008.

The jobless rate for Arkansas during February fell to 5.5% compared to 6.5% in February 2014, and down from 5.6% in January, according to figures released Friday (March 27) by the U.S. Bureau of Labor Statistics. The February numbers are subject to revision.

Arkansas’ average jobless rate for 2014 was 6.1%, down 1.3% percentage points from the 7.4% average in 2013. It is the first time the annual average dropped below 7% since 2008.

The size of the Arkansas workforce – 1.326 million –  was up over the 1.293 million in February 2014. The peak for Arkansas’ labor force was a revised 1.376 million in August 2008.

The number of employed in Arkansas during February was 1.252 million, above January employment of 1.206 million, and up an estimated 42,894 jobs compared to February 2014. The number of unemployed was an estimated 73,515 during February, below the 74,373 in January, and well below the 83,824 in February 2014.

The closely watched nonfarm payroll number was 1.211 million in February, the third consecutive time the category topped 1.2 million since September 2008. The February number was up over the 1.181 million in February 2014. Nonfarm jobs reached a high in Arkansas of 1,209,800 in February 2008.

The nonfarm category does not include farm workers, private household employees, non-profit employees and “general government” employees. Investopedia estimates that the nonfarm category represents about 80% of the total workforce that contributes to national GDP.

According to the BLS, 46 states had rate decreases from a year ago, and four states – Louisiana, North Dakota, South Carolina and Tennessee – had increases. However, the North Dakota increase was from 2.7% in February 2014 to 2.9% in February 2015.

ARKANSAS SECTOR NUMBERS
In the Trade, Transportation and Utilities sector — Arkansas’ largest job sector — employment during February was an estimated 249,900, up from 249,300 in January and up over the 242,700 in February 2014. Employment in the sector hit a high of 251,800 in March 2007.

Manufacturing jobs in Arkansas during February totaled 153,700, unchanged compared to January and above the 155,500 in February 2014. Employment in the manufacturing sector fell in 2014 to levels not seen since early 1968, and is down 24% compared to February 2005. Peak employment in the sector was 247,300 in February 1995.

Government sector employment during February was 213,300, up from 213,100 in January and just slightly above the 213,200 in February 2014.

The state’s Education and Health Services sector during February had 174,200 jobs, up from 173,900 during January and up from 171,600 during February 2014. Employment in the sector is up almost 20% compared to February 2005.

The construction sector employed an estimated 49,500 in February, up from 49,000 in January and above the 45,400 in February 2014. Employment in this sector was recently revised, which dropped estimates below the 50,000 mark. The sector is off the employment high of 57,600 reached in March 2007.

Arkansas’ tourism sector (leisure & hospitality) employed 115,200 during February, up from 112,100 during January, and well above the 106,500 during February 2014. The February number, if it stands, marks a new record for employment in the sector.

Despite bird flu implications in Tyson Foods’ home state of Arkansas, Wall Street analysts with Stephens Inc. have raised their fiscal second-quarter earnings forecast for the Springdale-based meat giant.

Farha Aslam, analyst with Stephens, updated her Tyson earnings forecast to 72 cents per share, up from 67 cents forecast previously noted. She lifts the forecast based on improved operating climate for poultry and prepared foods with beef and pork also modestly gaining some momentum.

In a note to investors, Aslam predicted Tyson’s chicken sales and profits should benefit from strong demand from foodservice and retail, as well as moderating grain costs. Prepared Foods results should garner support from declining pork and beef prices, as well as good synergy capture from the Hillshire acquisition.

Also weighing in her analysis are heightened expectations for beef exports in the back half of this year. She believes the Avian Influenza hitches are manageable thus far and notes that China could help absorb global increases in red meat productions

She also noted that export demand for U.S. red meat is expected to increase in the second half of 2015.

Shares of Tyson Foods opened lower on Friday trading at $38.11, down 5 cents in the morning session.  For the past 52 weeks the share prices has ranged from $44.24 to $34.90.

Walmart will hire up to 95 associates to work at the new Walmart Neighborhood Market slated to open this summer in Bentonville located along N. Walton Boulevard. A temporary hiring center has opened at Walmart’s Corporate Office at 203 SE Martin Luther King Jr. Pkwy., in Bentonville.
 
Applications will be accepted Monday through Friday from 8 a.m. to 5 p.m. Interested applicants may also apply online at this link. 

According to store manager Daniel Mosley the store is hiring full- and part-time associates. The majority of new hires will begin work in May to help prepare the store for its grand opening.
 

Tyson Foods announced the closure of a poultry processing facility in Buena Vista, Ga., and discontinuation of the third shift at its Dawson, Ga., plant as it works to streamline efficiencies and retool itself to changing consumer demands.

The meat giant said changing product needs, the age of the facility and prohibitive renovation costs were factors leading to the plant's closure. About 260 employees will be impacted from this shuttered business over the next month.

“Because these changes affect our team members and their families, it was a very tough decision,” said Noel White, president of poultry for Tyson Foods. “Our business needs have changed in southern Georgia, so after a great deal of consideration, we’ve decided to take these steps in order to best serve our customers.”

Tyson said the company will work with state officials to inform employees about unemployment benefits and any potential re-training opportunities.

Meanwhile, expansion of Tyson's Vienna, Ga. facility is in progress. The company is changing the focus of the plant's production to tray pack chicken at a cost of $110 million. Tyson said the expansion and conversion project will add more than 700 jobs when it’s completed mid-year.

The bankruptcy trustee of Quantum Foods, a former Tyson Foods customer, is suing the Springdale-based meat company to recover $25.7 million. The trustee claims the money was a preferential debt repayment made to certain creditors within 90 days before filing for bankruptcy.

The suit, which was filed March 25 in US Bankruptcy Court, District of Delaware, seeks the return of the money Quantum paid to Tyson Foods and Tyson Fresh Meats, Inc. roughly three months before Quantum declared bankruptcy. Under U.S.bankruptcy law a bankruptcy trustee has the power to undo preferential payments and recover the money to redistribute among other creditors.

Quantum Foods filed for bankruptcy in February 2014 after its food processing business sales to U.S. military declined.

Iowa-based West Liberty Foods LLC bought most of Quantum Foods' assets in June 2014 for $12.7 million.

“Quantum was a customer of ours before it filed for bankruptcy. It’s fairly common in bankruptcy cases for attorneys representing the unsecured creditors’ committee to try and recover payments made to other companies that supply product. We have numerous defenses against these claims under bankruptcy law and intend to vigorously defend this complaint,” said Tyson Foods spokesman Worth Sparkman.

Whether online or in-store, 82% of U.S. consumers say they expect a retailer’s prices to be the same when they are shopping, according to a survey of shoppers and 32 top retailers by marketing group Accenture.

"Our findings highlight a clear gap between the cohesion consumers expect from their shopping experience and what they seem to be getting," Dave Richards, global managing director of Accenture's retail practice, noted in the release.

This report may be a wake-up call to retailers who still view omni-channel business as two operations, according to industry experts. In fact, a benchmark analysis by the marketing firm found that just one-third of U.S. retailers have consistent pricing for more than 80% of the items assessed.

Wal-Mart Stores is among the retailers who changed its policy last year to include online price matching from its own site as well as from a list of major e-commerce competitors. The retail giant outlines its policy on its website: “We’re committed to providing low prices every day, on everything. So if you find a current lower price from an online retailer on an identical, in-stock product, tell us and we’ll match it.”

There are a few exceptions which are listed on the website. Wal-Mart also notes that the final discretion on the price match rests with the store manager.

Bill Gerads, retail expert with #OnShelf in Bentonville, told The City Wire he expects more retailers will figure out a way to offer like-pricing to appease consumer demand.

“Some are already working on ways to ensure that the online price is the same as the stores. Consumers have all the information they need in their smart phones or at home on the computer. I have seen consumers looking at items in the store and pull the same item online to validate the price or walk over to the electronics department and use a computer in the store to look up pricing,” Gerads said. “I have done the same and most of the time the store will match the price online at the register. It does require due diligence to ensure you are receiving the same price.”

Frank Riso, principal with Riso & Associates, said retailers will have to learn that they cannot manage inventory with two different price models using their stores as pick-up and return centers.

“It has taken at least 10 years for retailers to realize that the consumer only knows the brand and not the channel. Wal-Mart is learning and others will too that consumers don’t see the difference between online and in-store,” he said. 

Carol Spieckerman, CEO of Bentonville-based newmarketbuilders, told The City Wire that “online-to-offline price comparisons have the potential to escalate into consumer-alienating standoffs but they certainty don’t have to.”

Instead of instituting prohibitive rules and restrictions, Spieckerman said retailers should create programs that manage exceptions efficiently and from a customer-centric perspective. 

“Wal-Mart has successfully taken this approach with its price matching and Savings Catcher solutions. Why not extend this concept into managing omni-channel pricing strategies? At the very least, store associates should be empowered to address customers who care about, and call out, price discrepancies, with the burden of proof on the customer like presenting a screen shot or live online like-for-like price challenge when in the store,” she said.

Speickerman said the difference could be refunded on a gift card, ensuring that Wal-Mart captures a future sale regardless and one that likely will exceed the value of the gift card.

The Accenture survey also asked respondents what they expect from their in-store experiences. Surprisingly, the respondents ranked physical stores as the No. 1 shopping experience in need of an upgrade. The cited the need for easy ordering of out-of-stock merchandise and free Wi-Fi as the most necessary improvements.

The report found that two-thirds of U.S. retailers let sales staff order out-of-stock items for shoppers and less than half have free Wi-Fi in stores.

Almost half of U.S. respondents said they would like to receive real-time promotions on their phones while they're in a store, but only 28% of retailers are able to deliver that service, according to the report.

In addition, just 42% of shoppers found it easy to complete a purchase using a mobile device, while 53% of retailers benchmarked had optimized their websites for tablets.

When it comes to delivery options it looks as if retailers and consumers are not on the same page. The survey found that 59% of global shoppers said they would pay a fee for same-day delivery, compared with 36% who said they would pay a fee for next-day delivery.  This compared to retailers who more than half already offer next-day delivery, but just 15% offer same-day service.

Alumnus William T. Dillard II and philanthropist Johnelle DeBusk Hunt will be recognized as Chancellor’s Medal recipients at the University of Arkansas Towers of Old Main event on April 10. The recipients will be honored at the event along with other benefactors whose cumulative giving or commitment to the university has reached or exceeded $100,000.

Dillard of Little Rock will be honored because of his notable business accomplishments and service to the University of Arkansas and the state. He graduated from the Sam M. Walton College of Business with a bachelor’s degree in accounting and went on to earn an M.B.A. from Harvard.

“Bill Dillard is a very loyal supporter of the University of Arkansas,” said Chancellor G. David Gearhart. “I have enjoyed his friendship over the years and always appreciate his counsel. He is generous, shrewd, and a great conversationalist, whatever the topic. His family has made a lasting impression on our campus with their generosity, and I have always valued his support.”

Dillard has been an active member of the Razorback Foundation Inc. for more than five decades and recently made a gift to the Basketball Performance Center, which will open this summer adjacent to Bud Walton Arena.

Hunt is also being recognized because of her extraordinary achievements in the business world, her philanthropic leadership at the University of Arkansas and her outstanding support of the Northwest Arkansas region and the state.

A native of Heber Springs, Hunt attended the University of Central Arkansas as an education major and started The J.B. Hunt Company in 1962 with late husband Johnnie Bryan “J.B.” Hunt.

“Johnelle Hunt is deeply committed to the University of Arkansas and philanthropy,” said Gearhart. “She not only continues to support the university by volunteering her time and resources, but has also made a priority to hire our students over the years as well. She and J.B. were instrumental to our success during the Campaign for the Twenty-First Century, and she has continued to remain involved with Campaign Arkansas. It is a privilege to recognize her for everything she has done for our campus.”

In 2005, Hunt and her husband made a $5 million pledge that helped the university meet and surpass its $900 million campaign goal, which ultimately prompted the university to raise its goal to $1 billion. That same year, J.B. Hunt Transport Services Inc. made a gift of $10 million for the construction of the J.B. Hunt Transport Services Center for Academic Excellence, a technology-oriented, multi-use building.

Jeff Amerine describes himself as a startup junkie, hence the name of his consulting firm on the square in Fayetteville. Simply put, the business, which includes his wife, Phyl, and son, Brett, nurtures some ideas into marketable products and finds capital to finance the development.
www.startupjunkieconsulting.com/

But there is a lot of work that happens in between and the entrepreneur must work hard to take his idea through the process. Amerine requires that rigor of the firm’s clients. Many ideas drop off as they move through the process because the evidence and data the client gathers in the early stages make it clear the idea won’t work, Amerine said.

One of the first tasks for a client is completing a business model, called the Lean Startup Canvas, on which the client that states the problem and solution and identifies a plan. It’s a soul-searching process for the entrepreneur to work through topics such as key metrics, unique value proposition, unfair advantage channels, customer segments, cost structure and revenue streams.

At the end of this process, the entrepreneur and Amerine have a good idea whether the idea is viable. Along the way, Amerine will tell the entrepreneur “to work as long as you can out of your own wallet,” before moving to the what he calls the “triple F round of friends, family and fools.” 

Along the way, the idea picks up value and reduces risk and then, it’s ready for the funding mix, Amerine said. 

Amerine works closely with LiftFund, a small business lending organization, and the Angel Investors network, both of which have a history of investing in startups. The consulting firm also looks for good strategic partners to pair with entrepreneurs.

“We bring ideas together with capital resources,” Amerine said. “We require rigor and hold clients accountable. We ask hard questions.” 

“‘No’ is a word said “all the time,” he added, but probably a little nicer than “Mr. Wonderful,” Kevin O’Leary, on the television show, “Shark Tank.” Still, Amerine said, “We use “Shark Tank” as a teaching tool. The questions that the Sharks ask are the same questions we ask.”

SEMINAR/EVENTS
Throughout the course of year, Startup Junkie Consulting hosts seminars, workshops and other events geared toward startups and new entrepreneurs. The first of which was a pitch contest held March 27. Up to five local companies will pitch their businesses to a panel of judges in what is the Northwest Arkansas regional Innovate HER business competition. 

The regional winner will be submitted to the Small Business Administration for a chance to present the pitch in Washington, D.C. and win prize money totaling $30,000. The businesses will be local startups focused on improving women’s lives.

BACKGROUND
Amerine began Startup Junkie Consulting, described as a venture catalyst firm, in 2011 while associate vice provost for research and economic development and director of technology ventures at the University of Arkansas. He left that position in December to devote full attention to the firm, housed in a converted bank building across the hall from the university’s Pryor Center for Arkansas Oral and Visual Center. 

Amerine continues as an adjunct professor at the university, teaching four undergraduate courses, something he told The City Wire that keeps him energized and closely connected to young innovators. In 2001, Amerine brought his family back to his hometown of Harrison, Ark., where he was an executive for American Freightways. Amerine said he never lost his interest or desire in startups after being involved in at least eight different ones over his career.

He continued promoting entrepreneurship in Northwest Arkansas while at the UA, establishing many key relationships in Arkansas, not the least of which was with Tom Dalton at the Winrock Foundation on the formation of Innovate Arkansas. Since its inception in 2008, Innovate Arkansas has provided more than $235 million to Arkansas-based startups. The program was recently infused with a $1.9 million Walton Family Foundation grant to Winrock to boost startup programs in Northwest Arkansas over the next three years. Startup Junkie is the benefactor.

Startup Junkie Consulting also recently received a $500,000 grant from the Small Business Administration for a regional innovation cluster, one of 14 such clusters in the country. The grant is intended to fund entrepreneurial activities for businesses led by military veterans, women, Hispanics, Native Americans and Marshallese.

EXPANDED VISION 
For Amerine’s own entrepreneurial efforts and with the help of grants from Innovate Arkansas, Walton Family and the SBA, his consulting services are free to startup entrepreneurs.

One he has established what he calls an entrepreneurship ecosystem in Northwest Arkansas and surrounding areas, he hopes to take his concept to other parts of the country that are considered startup wildernesses. 

“That’s our vision for the next 10 to 15 years,” he said. “There’s a lot more to do here.”

Maslow’s Hierarchy of Human Needs has found a home in a business application for a company called Holistic Product Group, which prides itself in nurturing a concept or idea through the stages of development to land on a shelf in Wal-Mart, Sam’s Club or other major retailer.

Based in Rogers, the company was born in the fourth quarter of 2014 by Vicki Redman, identified as principal owner and executive vice president; Rodney Redman, president and chief operating officer; and Wyatt Watkins, executive vice president and chief financial officer, according to the company website.

Psychologist Abraham Maslow in 1943 developed his hierarchy, that human motivation is based on people seeking fulfillment and change through personal growth. Self-actualized people are those who were fulfilled and doing all they were capable of, according to Simply Psychology website in explaining Maslow’s studies.

HIERARCHY APPLICATION
The hierarchy has been used in education to help teachers understand how children learn, once their basic needs of food and shelter are met, The Redmans and Watkins seek to apply the same principles to their business model to help clients get their ideas in front of shoppers.

Watkins explained how Maslow’s Hierarchy is applied at HPG: “We only take on products we feel there is a need for in the marketplace. A product goes through different stages during which the product is reviewed and fine-tuned.”

Those stages of development are identified as concept, design, product, launch and metrics.

A light bulb goes off in a person’s mind as he comes up with latest design for a widget that the world can’t live without. In the concept state, HPG will help the widget designer provide an avenue from concept to finished product on a merchant's shelf. Out of an estimated 250 to 300 ideas that may come their way this year, only 10 will likely find their way into Wal-Mart, Rodney Redman said.

And, they do say no to some ideas.

“We get a lot of those. More than you think,” he said.

The design needs perfecting for manufacturing. HPG's staff then works to provide counsel to refine the concept for delivery to the design team. Refinement of the concept at this stage seeks to reduce wasted design and prototype expenses. 

From the concept team, the new widget moves to the design team. There, engineering, marketing, logistics, and finance staff work together to provide the client, the widget designer, information to take the design to a level so engineering can build it, marketing can sell it, logistics can ship it, and finance can demonstrate it has financial success.

PRODUCT CYCLE
The HPG Product Cycle is unique in that it incorporates the feedback of all stages of a product's cycle. A niche area for HPG is the level of planning and forecasting this early in the product cycle. The executives said these early stage decisions are critical in a successful product.

Next comes the product stage, which provides a realistic view of the widget. Prototypes and models provide the first look. The cross departmental teams again have responsibilities to critically review the product. The teams ensure the product has successfully met targets as determined in the design stage.

The Holistic Product Cycle is not a "best guess" process, but a calculated and controlled product development cycle, Watkins said.He said when the day arrives for the widget’s introduction to the market all teams play supportive roles for a successful product launch. As sales performance begins so will the analysis.

The final stage is the metrics. All teams are interacting with the measurements of the market. Engineering is monitoring manufacturing and quality, Logisticians are ensuring finished widgets are moving to the product shelves, Marketing is executing sales plans, and Finance is measuring financial performance.

This provides feedback the product is performing at targets. Exceptions provide opportunities to refine the concept and move back through the Holistic Product Cycle.

Rodney Redman said this cycle of product development provides a one-stop shop for designers, especially designers who have an idea but have no way to get it to a major retailer like Wal-Mart. The product cycle may take up to four or five months to complete to give the product full attention.

“It takes a great idea but the cost of the product has to be right,” Redman said, adding that Wal-Mart, for example, wants to make a 35% margin on a new product.

But, Redman added, Wal-Mart or Sam’s don’t want to be first to market with a new product. It may be better for a new widget to start with a smaller retailer and then enter the Wal-Mart system. Wal-Mart is not difficult to work with if the client has the right item at the right price, Redman said.

“We want to help people with a product or idea that we believe in and that we would buy ourselves,” Redman said. “We (also) listen to our wives.”

Fees or commissions for the services of HPG vary according to the needs of the client. Redman said there is no average because of the wide variations of needs.

STRENGTHS/WEAKNESS
The company has nine full-time employees. He noted that what sets the company apart from others is the cycle from concept to launch and post-launch measurement and more than 80 years retail experience.

Redman has 20 years experience in consulting and retail business, including seven years with Wal-Mart in the areas of warehouse and distribution operations, inventory control, shrink, merchandising and marketing, according to the company website.

Watkins has more than 20 years experience in the financial industry, including positions in all areas of fiscal development in commercial banking, the website states.

Competition is always a threat to service providers in the Northwest Arkansas supplier community. HPG founders said they are counting on their experience and diverse service platform as they try and grow their business overtime.

Tyson Foods and workers at its Emporia, Kan., beef packing facility have reached a preliminary settlement regarding overtime pay dating back to 2006, according to federal court records.

The meat giant agreed to pay $730,548 in the settlement which is split between the workers and their legal counsel. The final hearing of these two parties is slated for July 2.

Workers in Tyson Foods’ beef packing plant alleged in 2006 that Tyson failed to pay them for time spent performing what they argued were compensable activities such as donning and doffing protective clothing and gear. 

Tyson settled a similar case in 2011 with workers in its Finney County, Kansas plant with  that class being awarded $785,894.

Home sales in Arkansas’ four largest markets were up 5.78% in February after falling 2.5% in January, and the number of homes sold during the first two months of 2015 in the four markets totaled 2,691, up 2.44% compared to the same period in 2014.

The total value of home sales in the four markets during the first two months was $438.786 million, up 10.77% compared to the same period in 2014 and up 14.87% compared to the 2013 period.

The City Wire’s Arkansas Home Sales Report captures home sales data in the state’s 14 most populated counties within its four largest metro areas — Central Arkansas, the Fort Smith area, Jonesboro/Northeast Arkansas and Northwest Arkansas. The report, which records closed sales, accounts for between 70% and 75% of total Arkansas home sales.

Jonesboro was the only market to see a sales decline in February.

Average sales price for homes in the four markets was $163,057 in January and February, up 8.14% compared to the first two months of 2014. Homes are also selling faster. The average days on market during January and February was 104.67, better than the 105.23 in the same period of 2013.

There were 21,447 homes sold in Arkansas’ four largest markets in 2014, up 3.8% over 2013 and up 17.33% over 2012. The total value of home sold in the four markets during 2014 was $3.554 billion, up 3.24% over 2013 and up 18.97% compared to 2012. Gains in the number of homes sold in 2014 certainly varied by market. Sales totaled 9,904 in central Arkansas, up 2.32%. In the Fort Smith region, which has an economy not yet on stable footing, home sales were up a surprising 14.33% for the year.

FEBRUARY NUMBERS
February home sales in the four markets totaled 1,464, up 5.78% compared to February 2014, and up 12.88% compared to February 2013. The average price per home in the four markets during February was $167,506, up 7.23% compared to February 2014, and up 4.98% compared to February 2013. The total value of sales in the four markets during February was $245.229 million, up 13.43% compared to February 2014 and up 18.5% compared to February 2013.

There were 687 homes sold in central Arkansas, up 4.57% compared to February 2014, and up 12.44% compared to February 2013.

February home sales totaled 487 in Northwest Arkansas, up 8.95% compared to February 2014, and up 8.71% compared to February 2013.

Jonesboro area home sales totaled 161, down 1.83% compared to February 2014 and up 29.84% compared to February 2013.

In the Fort Smith area, home sales totaled 129, up 11.21% compared to February 2014, and up 13.16% compared to February 2013.

The total value of the sales during February were up 6.2% in central Arkansas, up 20.91% in Northwest Arkansas, up 4.13% in the Jonesboro area, and up 2.83% in the Fort Smith region.

THE REGIONAL PICTURE: January-February 2015
Central Arkansas — Home sales
Jan.-Feb. 2015: 1,228
Jan.-Feb. 2014: 1,267
Jan.-Feb. 2013: 1,181

Fort Smith area — Home sales
Jan.-Feb. 2015: 248
Jan.-Feb. 2014: 229
Jan.-Feb. 2013: 193

Jonesboro area — Home sales
Jan.-Feb. 2015: 287
Jan.-Feb. 2014: 281
Jan.-Feb. 2013: 226

Northwest Arkansas — Home sales
Jan.-Feb. 2015: 928
Jan.-Feb. 2014: 850
Jan.-Feb. 2013: 841

The top five counties in terms of January-February 2015 home sales:
Pulaski — 564, down compared to 571 in January-February 2014
Benton — 549, unchanged compared to January-February 2014 
Washington — 379, up compared to 301 in January-February 2014
Craighead — 230, up compared to 224 in January-February 2014
Saline — 196, down compared to 220 in January-February 2014

Link here for a PDF document of the February 2015 data.