Downtown Little Rock Master Plan: Revitalizing the Waterfront
The city center is undergoing a significant transformation, driven by both public and private initiatives. Key players in the government, business, and community are collaborating to bring new life to the historic riverfront. By combining infrastructure enhancements, cultural catalysts, and renewed residential density, the vision is clear – to make downtown Little Rock a space that thrives and draws people in.
A major focus of this revitalization effort is on increasing the residential population. Authorities recognize that by building more housing, the area will attract more retail, improve nighttime vibrancy, and ultimately enhance the perception of safety. To incentivize this growth, new financial tools are being developed, such as tax increment financing districts. This will enable the construction of denser housing types and help the area compete with other comparable cities.
State Economic Growth Drives Increased Construction
Arkansas has seen significant construction job growth in the past year, with an increase of 9%. This segment of the economy is consistently showing high job additions, including 2,200 new construction jobs in June. The trend is driven by major projects like the new WestRock building in Conway and the upcoming construction of the seventh steel mill in Mississippi County, set to be the largest in the country.
Notably, it’s not just road work driving this growth; building equipment contractors and non-residential building construction are substantial contributors. This widespread activity is generating more job opportunities, enhancing the quality of life, and offering new services and attractions. Examples include the recent addition of various distribution centers and a Top Golf facility in Little Rock.
Challenges Ahead: Addressing Construction Labor Shortages
Despite the boom in construction, the industry is heavily impacted by a severe labor shortage, with nearly half a million workers needed to meet demand. The Associated Builders and Contractors (ABC) survey reveals that 58% of respondents experience severe labor shortages. The industry must hire hundreds of thousands of workers to maintain a steady pace of projects.
Roadmap to Resolving Labor Shortages
The construction industry is shifting focus to attract new talent. Programs like homeschool apprenticeships aim to fill the gaps by offering multi-year training, internships, and eventually, leadership roles within companies. Such initiatives hope to break the perception that construction only involves hard labor and highlight the variety of roles available within the sector.
Home Construction on the Rise
Nationally, residential housing construction is showing signs of revival. Authorized permit value increased by 16% in the final quarter of 2023. States like New Mexico and Nevada saw substantial year-over-year growth in home construction permits, indicating a potential rebound in market activity.
Arkansas, too, is experiencing an uptick in housing construction. Multiple projects, including a major renovation at Arkansas Tech University, are being completed, further supporting the local construction industry.
Infrastructure and Growth Hand in Hand
The federal government has committed significant funding to infrastructure projects, including the construction of a new Interstate 55 bridge, demonstrating the commitment to maintaining growth. Various stakeholders, like Garver, are at the forefront of major infrastructure developments, such as the I-30 crossing.