By: Matthew Strickland
FAYETTEVILLE, Ark. (UATV)- The NWA (Fayetteville-Rogers-Springdale metro) is the 18th fastest growing metros in the United States in 2023, according to the U.S. Census Bureau.
The Northwest Arkansas metropolitan area increased in 2023 by 2.3%. Going from a population of 576,967 in 2022 to 590,337 in 2023. A population increase of 13,370 people came to Northwest Arkansas, making it the fastest growing area in the State of Arkansas, doubling Little Rock-North Little Rock-Conway metro growth last year.
While NWA is not the largest metro in the state, second to Little Rock metro, it’s growth is making it the most wanted spot to live in Arkansas.
As more people move into Northwest Arkansas, we are going to see growth in the economy of all the cities in NWA. Fayetteville, Rogers, and Springdale certainly have seen economic growth as more people move to these areas.
Logan Miller, a professor of economics at the University of Arkansas, talks about how people coming to Fayetteville means for the economy. “Well, generally speaking, growth is good. More people mean more economic activity which means more economic growth.” Miller said.
While growth in an area may have its benefits, such as more businesses, it also has its downsides. As more people and money come into Fayetteville, and the Northwest Arkansas area, there is going to be an increase in prices from houses to food and general day-to-day living.
The housing market is a big area of growth in Northwest Arkansas. As people want to move here, they want their own place to call home. Many new housing developments and apartment complexes are being built all over NWA. While these are being built, people are still coming in, increasing housing for everyone.
Raja Kali, professor and department chair of economics, discusses how this is going to change the way of living in Northwest Arkansas. “One of the key challenges will be to maintain the affordability of housing in the area to maintain the character of the area as it continues to grow.” Kali said.
While growth is good for the people living here, we also do not want to drive them out of the area with too high prices of living, due to the increases.
Additionally, as more people move to Northwest Arkansas they will be creating more jobs for people who live in these areas, increasing the amount of money people can spend in Northwest Arkansas.
Economically, more growth in a metropolitan area is good for the economy. As more money comes into an area there is an increase for opportunities. Leading to more growth and more people moving to Fayetteville, Rogers, and Springdale.