SPRINGDALE, Ark. (KNWA/KFTA) — Tyson is relocating about 1,000 corporate employees to its headquarters in Springdale, which could put more strain on the Northwest Arkansas housing market.
President & CEO of Northwest Arkansas Council Nelson Peacock said it’s good to see companies investing and growing in the community.
“Pretty exciting for the region, the fact that yet another one of our Fortune 500 companies here is really doubling down Northwest Arkansas, a place where they can continue to grow and scale their business,” Peacock said.
However, growth in the region also comes with challenges.
“More people are going to want to come and that’s going to drive up some cost and increase congestion and things like that,” Peacock said.
Chris Thornton, loan manager at Arvest Bank, said one of those challenges is having diverse housing options.
“A 1,000 new people come to the area, they’re going to need some sort of housing and you have apartments, you have other duplexes that are being built as well,” Thornton said. “You need all kinds of housing, to take care of people when they’re coming in for those jobs.”
Thornton said housing that is built gets filled quickly and home prices remain high in NWA.
“Land costs are still elevated that drives up the price of what kind of house you can build on it to sell,” Thornton said.
Peacock said it’s going to take all the cities in Northwest Arkansas along with businesses and nonprofits to address the need for housing.
“It is going to take all of our city leaders, all of our city council members, all of our city planners, our businesses, nonprofits, and everyone to help get us on the right trajectory as far as housing prices go,” Peacock said.
So that the region continues to attract businesses like Tyson.
“The more talent that you can bring into an area creates a cluster, it creates momentum,” Peacock said.