The closure of 6 Tyson Foods Inc plants in Northwest Arkansas and the Ozarks region is a troubling economic issue for the local communities. The closure of the meat plants, which employed thousands of people for the last 25 years, is a blow to the region’s already fragile economic recovery.
The idling of the Tyson plants represents a significant hit to the local economy, with reports noting that an additional 6,000 jobs could be lost across the region due to the closures. This is a bleak prospect for the Ozarks, where median income levels are well below the national average.
The closures are a major setback for the Ozarks, as Tyson plants were a major source of employment for the region. Tyson’s closure has left a large void in the economy of the region, with little in terms of a near-term solution.
The impact of the closure of the Tyson plants is far-reaching, affecting the fixed-income earners the most. With wages from the Tyson plants cut, these working people are left with very little in terms of alternate sources of employment. Additionally, the job losses could push people into poverty, resulting in a further decline in spending in the region.
The closure of Tyson’s plants has also given a reality check to the ramped-up job growth across the region in recent years. As unemployment rates surged across the U.S. following the 2008 housing crisis, the Ozarks had become a bright spot in terms of job growth due to the presence of Tyson.
The closure of the Tyson Plants has thus become a catalyst for economic soul searching in the region. There is now an urgency to unlock new sources of job creation and alternate sources of incomes.
Some communities have seen glimmers of hope, with the Walton Family Foundation stepping in to invest in the future of the region. Additionally, Arkansas Gov. Asa Hutchinson has unveiled a $25 million economic development package to help the region create 21,000 new jobs in the next three to five years.
The closure of the Tyson plants in the Ozarks region is a major blow to the region’s economy, but the region is determined to fight back and create alternate solutions for sustainable economic growth. It is thus important that local stakeholders come together and create concrete strategies to make the region a prosperous and thriving economic hub once again.