A survey just completed by The Greater Hot Springs Chamber of Commerce shows that almost 30 percent of Hot Springs Metro area businesses will grow and increase employee count over the next 12 months. Adding strength to that positive indicator, those companies anticipating more hiring have estimated their employment to grow by an average of 20 percent next year. The results come from an employer salary survey recently completed for The Greater Hot Springs Chamber of Commerce that studied benefit and wage data of area employers.

The survey also shows that in 2009, local employers anticipated increasing wages by an average of 3 percent.

“The growth the Hot Springs businesses are projecting speaks volumes for Hot Springs’ economy. While other areas might be in a recession Hot Springs still has and will continue to have a vibrant economy, driven by several sectors of industry … not all of our eggs are in one basket, which is positive for our economy,” said Dave Byerly, CEO of The Greater Hot Springs Chamber of Commerce and the Garland County Economic Development Corporation.

There were 51 Hot Springs Metro area businesses that participated in the survey. Financial Services, Hospitality, Manufacturing and Service industries made up 80 percent of the participating companies and the remaining were spread among Government, Healthcare, Retail or Other industries. These 51 businesses represent more than 4,000 employees.

“We are very pleased with the response that we received with this survey. These businesses represent a diverse cross section of industries operating locally. It also represents a good balance of small, medium and large businesses. This strong response and diversity allows us to gain knowledge into the Hot Springs business community and see what it is really like. This comparative data will be vital in retaining and recruiting new industry to the Hot Springs Metro area,” said Byerly.

Data also shows that while the majority of employees live in Hot Springs many are commuters from surrounding cities. Approximately 18 percent of local employees commute to Hot Springs from other zip codes and neighboring communities. The largest commuting block originates from Malvern, whose 9 percent overall represents 50 percent of all commuters. The Hot Springs’ zip codes 71901, 71913 and 71914 represented approximately 82 percent of local employment reported.

“The understanding of where Hot Springs pulls employees is critical when companies look at compensation packages and hiring expectations. Commuting patterns and labor force do not stop at city limits or county lines. Employers need insight into those employment patterns so they are aware of how far people are willing to commute; so they can make decisions to recruit in those areas and so they will know what to expect as other employers moves in to that area. When recruiting jobs to the area, it is crucial to be able to accurately tell prospective employers how large the local labor force is and where it comes from,” said Byerly.

The completed survey collected benefit, commuting and employment characteristics on approximately 4,000 employees and collected detailed wage data on 61 of the most common jobs that exist within the local market. The Greater Hot Springs Chamber of Commerce invited Chamber members to participate in this survey. The survey was paid for through a grant from the Garland County Economic Development Corporation. The Chamber plans to conduct the survey annually.

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