Fayetteville has been ranked 8th in Forbes Magazine's Top 10 Best Places in America for Business and Careers. It was also in Kiplinger's Best Cities Work, Live and Play list. Fayetteville was mentioned as one of the "Best Places to Live in America" by Money Magazine. The Milken Institute rated Fayetteville MSA as one of the Best Performing Cities; wages/salary growth and job growth. Fayetteville MSA is ranked #4 in the country for Best Transportation & Warehousing work forces by Expansion Management.
Technology-based companies have an important role in the city's economy. Radio frequency identification, database and telecommunications and biotechnology sectors provide a large number of jobs. The city is regarded as a prominent center for research and technology projects. Fayetteville, Rogers, Springfield, Bentoville, the University of Arkansas, the GENESIS Technology Incubator and managers from the Arkansas Research and Technology Park have created a favorable environment for technology-based companies. The University provides vital assistance to the local technology companies.
The city has a wide variety of manufactures that play a prominent role in the economy and also provide a substantial amount of jobs. In addition, education, accommodation, transportation and logistics, food services and healthcare are significant elements of the economy.
The major industries for employment, in descending order, are provided below:
- Services - 36%
- Manufacturing - 17%
- Wholesale Trade - 15%
- Government - 12%
- Transportation and Retail Trade - 10%
- Finance, Insurance and Real Estate - 5%
Noteworthy items about Fayetteville: In 2008 Fayetteville had a cost of living index of 90.6. The average in the nation is 100. About 41% of the workers over the age of 25 have a bachelor's degree or higher. The daytime population expands by about 20% due to people commuting to work from the surrounding area.
The major employers in the Fayetteville area are shown below:
- University of Arkansas - Education
- Pinnacle Foods Int'l - Frozen Dinners
- Superior Industries - Cast aluminum wheels
- Washington Regional Medical Center - Medical
- Fayetteville School District - Education
- Arkansas Western Gas Company - Utilities
- Ayrshire Electronics - Manufacturing
- City of Fayetteville - Government
- Dillards - Retail
- Hanna's - Potpourri/Candles
- McClinton-Anchor - Limestone/Hot mix
- Tyson's Entree Division - Frozen dinner entrees
- Veteran's Medical Center - Medical
- Walmart Supercenter - Retail
- Washington County - Government
- American Air Filter - Air filters
- Marshalltown - Cement finishing tools
- Standard Register - Business forms
- AEP/SWEPCO - Utilities
- Arvest Bank & Trust - Financial
Business organizations offering assistance to Fayetteville companies:
- Fayetteville Economic Development Council
- AR Small Business & Technology Development Center
- Green Valley Development
ArkansasBusiness.com provides information about the current business activities in Fayetteville.