It?s Time to Accelerate (Editorial)

Much of the $200,000 study commissioned by Accelerate Arkansas, a volunteer organization that wants to build a plan for creating knowledge-based industries and jobs in Arkansas, simply told us what we already knew.

While reminding us once again of our underachieving education system, limited work force skills and limited technology resources, the study did note Arkansas has made progress in improving its knowledge-based assets, especially with the number of new high-tech firms that have started in the state. However, we’re still ranked 49th in the Milken Institute’s latest science and technology index.

It also noted that Arkansas’ low business costs, financial resources, manufacturing base, and food processing and retail industries are “big pluses” state leaders must maintain and build on.

And it gave some ideas on how to improve the state’s economy:

• Reform the tax code and provide incentives for knowledge-based businesses.

• Improve education and infrastructure.

• Improve the state’s image to attract new industries.

• Encourage investment from venture capitalists in Arkansas and beyond.

Ross DeVol, director of regional economics at the Milken Institute and one of the study’s authors, gave a realistic assessment. “It may take decades to complete even with effective public policy put in place today,” he said. “It can be done, but it needs to start now.”

Some 22 percent of jobs in the United States are in knowledge-based fields. In Arkansas, however, only 8 percent of the jobs fall into that category. Why is that? Education, or the lack of it. Only 18 percent of Arkansans over the age of 25 have at least a bachelor’s degree — the worst percentage of any state. So what knowledge-based company would want to come to Arkansas?

Yes, we’ve a long way to go if we want to attract higher educated workers and better paying jobs. But knowledge-based and technology jobs are going to be much more important in the future as many of the old manufacturing jobs continue to be lost overseas.

It is heartening to see that enrollment at Arkansas colleges and universities is at an all-time high.

The state Department of Higher Education reported fall enrollment was 137,342, up 4,232 students, or 3.2 percent, over last year’s figures. Of that number, 124,011 are in public colleges or universities.

Enrollment at the public two-year schools is 46,166, up 4.2 percent. At the state’s public four-year institutions, enrollment is 77,845, up 2.9 percent. Both are record numbers. Even the enrollment at the independent institutions is at a record 13,331.

Could it possibly be that Arkansans have finally realized the value of higher education? We hope so.