In order to detail and highlight the economic impact Hot Springs Village has on Saline and Garland Counties and the State of Arkansas, the Hot Springs Village POA Governmental Affairs Committee (GAC) and the HSV Board of Directors commissioned the University of Arkansas to produce an economic impact study. There have been three studies, but the current economic impact study was published in December 2021. The reports highlight how significantly tax dollars and spending of Villagers affect both the State of Arkansas and the two associated counties, Garland and Saline. Click here to read a previous article and the full December 2021 economic impact report.
HSV Makes Major Economic Contribution to State and Counties
On August 22, 2022, in a Board Brief, the HSV Board of Directors stated, “Did you know that the property and sales tax revenue paid to Garland and Saline counties by property owners, residents, and visitors was greater than the cost of services provided to the Village in 2020? Overall, from a tax perspective, both counties have benefited from Hot Springs Village. Villagers paid $4.4 million to Garland and Saline counties in 2020. The Village share of county expenses was $3 million.“
“And did you know that the Village contribution to the state’s 2020 economy was $397 million? The Village also directly or indirectly was responsible for generating 5,500 jobs that year.”
Hot Springs Village makes a significant impact and the importance of this report “cannot be minimized when it comes to our relationships with lawmakers, the healthcare industry, developers, our surrounding neighbors, and even our own Village residents.
To make the report easier to distribute, the GAC developed condensed executive summaries aimed at five different groups:
- Potential Residents
- Healthcare Industry
Below is the Economic Impact Study Summary for HSV Residents. If you are interested in receiving the HSV Economic Impact Study Summary for one of the other groups, please contact Board Director Pam Avila at [email protected].
Economic Impact Study Summary for HSV Residents
By Cheryl Dowden, August 23, 2022