Manufacturing job losses in the second half of 2005 pushed Arkansas' overall job growth for the fourth quarter to zero. However, Arkansas firms.. Benefiting from the opening of the Japanese and other Asian beef markets, and J.B. Hunt Transport, profiting from the U.S. Economic expansion, will drive Arkansas job growth higher in the first half of 2006.
Ernie Goss
The Mid-America regional economy began 2005 like a lion, but higher interest rates and elevated energy costs forced the region's economy to end the year like a lamb.
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The construction industry and transportation sector in Kansas have pushed 2005 growth into the very strong range. However, higher interest rates will slow growth for both industries in the first half of 2006. The rate at which our Asian trading partners open their borders to U.S. Beef will be an important factor affecting growth for the state in 2006.
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Transportation firms reported continuing economic weakness. While 2006 is likely to be a positive year for the Oklahoma economy due to an improving telecommunications sector and expansions in business service firms, the closing of GM operations in Oklahoma City will produce some fairly negative economic consequences.
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The rate at which our Asian trading partners open their borders to U.S. Beef will be an important factor affecting growth for the state in 2006.
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The Mountain States region experienced growth significantly higher than the rest of the nation. The region added 53,000 jobs, an annual growth rate of 2.9 percent, in the first half of 2005 but added only 41,000 jobs, an annual growth rate of 2.2 percent, in the second half of the year.
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There's every reason to have some concern there.
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No other state in the nation stands to derive as much of an economic stimulus from the opening of the Asian beef market as Nebraska. However, economic gains are going to be slow going as food-processing firms attempt to re-establish a beef presence in these foreign markets.
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Iowa's leisure and hospitality industry and manufacturing, both durable and nondurable, ended 2005 on a very strong economic note. On the other hand, Iowa's transportation sector and construction industry are beginning 2006 on a lackluster path.
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For 2006, Minnesota's big economic stories will be problems related to the continuing cutbacks in the U.S. Auto industry, a turnaround for the telecommunications industry, and finally a weakening of Minnesota's construction industry. Nonetheless, our survey points to still solid growth for the first half of 2006.
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