We discuss the latest topics and trends in economic development with subject matter experts and influencers from across the nation and around the world.
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According to an April 2021 Energy Affordability Report by the American Legislative Council, Arkansas holds the No. 6 spot for lowest average electricity prices in the nation. This means more money in the pockets of Arkansas residents and business owners and gives the state an added advantage in future economic development.
The American Legislative Council Report evaluated each state’s electric pricing in cents per kilowatt-hour (KWh) with data sourced from the U.S. Energy Information Administration (EIA). The prices were broken down into residential, commercial, industrial, and transportation sectors. The report states, “While the ‘total’ price of electricity is the main focus of this report, the sector-specific prices are important to note because they can directly impact a state’s economic competitiveness. Electricity prices in these sectors serve as important business inputs, helping to determine how many and which types of businesses choose to operate in that state.” When looking at the prices broken down by sectors, Arkansas tied for the No. 1 lowest average price in the residential sector and showed itself to be noticeably competitive in the other sectors as well.
Low energy prices are a part of the reason Arkansas has one of the lowest costs of doing business in U.S. Combined with its expansive infrastructure, strong workforce, and competitive incentives for businesses, it’s evident that Arkansas is in a prime position for economic growth in the foreseeable future.
