i think its Fletching, though that could just be the part of adding feathers to stabilise the arrow, like in darts...
http://en.wikipedia.org/wiki/Fletching
There is not really a specific term for creating arrows. Arrow building is the most specific I have heard. Fletching as a noun means the section of the arrow that stabilizes it. Fletching as a verb it the act of putting either feathers or vanes on the arrow.
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Arrow makers are called "Fletchers", and that is also where the last name came from. In Spanish an arrow iis called "Flecha", In resemblance of it's name in English. An Arrow maker is called a Fletcher because the little feathers on the end are called fletches
A fletcher.
Someone who makes arrows.
(The fletching is strictly speaking the vanes of the arrow but a professional who makes arrows is called a Fletcher).
A Fletcher makes arrows. because the little feathers on the end are called fletches