Beebe: ‘Stability And Confidence’ Driving Economic Success

It was business as usual for Gov. Mike Beebe (D) and nearly 500 state chamber of commerce members in Little Rock on Wednesday (Nov. 9).

Beebe told a capacity room at Little Rock’s Peabody Hotel that Arkansas’ reputation for business has improved greatly in recent years, although citizens may still feel an inferiority complex.

“I can assure you that the image of Arkansas — which has historically been near the bottom — has changed outside of our borders and with our sister states, as well as across the waters with countries and individuals around the world,” said Beebe.

During his administration, several European companies have located or expanded facilities in Arkansas and one large Japanese company, Mitsubishi, has announced plans for a factory in Fort Smith.

“Our image has changed for the better in the last several years more than we ever could have thought it would change. Many of you recognize that, but we don’t need to slow down,” he said.

The group was assembled for the annual meeting of the Arkansas State Chamber of Commerce and Associated Industries of Arkansas.

Despite state unemployment of 8.3%, below the national average of 9%, Beebe said Arkansas has weathered the recession better than other states, even if it feels differently. Arkansas’ jobless rate was 7.8% one year ago.

“We’ve been able, over the course of the last several years, to withstand what we’ve withstood because we didn’t sit back and wait on everybody else,” he said.

Beebe said that “stability and confidence” have helped guide Arkansas’ successful recruiting efforts during his administration.

“If I’ve heard it once, I’ve heard it several times that people make decisions about whether to invest, people make decisions about whether or not to create companies, to expand companies, to relocate companies, to actually spend the money that’s sitting on that sideline — they are reluctant to do so in an environment where there is no stability, there is no foreseeability — where they don’t know from one year to the next — what tax policy is going to be, what economic policy is going to be, what trade policy is going to be. They decry that uncertainty,” he said.

Beebe revisited his familiar themes of tying education and economic development together, but warned that “we have to not be satisfied where we are.”  He also thanked chamber members for their efforts at the local level.

“You’ve provided a stable, confident place to work, to live, to raise a family,” Beebe said. “We don’t realize how important that is to other people who are looking at us now.”