May building permit figures boosted by Umarex

The bright spot in the regional construction industry during May was a 125.6% increase in the value of commercial permits issued in Fort Smith.

The city issued 45 commercial permits valued at $14.51 million in May, up from the 77 permits valued at $6.43 million. A big ticket in the May permit report was a $6.75 million permit issued for the new Umarex manufacturing plant at Chaffee Crossing. Umarex USA, the fourth largest airgun manufacturer in the world, announced in 2008 it would expand in Fort Smith by moving its manufacturing facility to Fort Chaffee. Umarex employs 22 people in Fort Smith, but plans to increase its workforce by 60 to 120 within the next three years.

Fort Smith issued 285 total permits in May that were valued at $19.04 million, down 18.3% from the $23.33 million in building permit values in May 2008.

However, the May figures are compared to a May 2008 that saw millions of repair work from a severe hail storm in April 2008. In May 2008, 1,921 residential repair permits valued at $8.91 million, compared to 170 repair permits valued at $1.21 million in May 2009.

The Fort Smith regional building sector was the only bright spot in the inaugural edition of The Compass — the first-ever comprehensive economic analysis of the Fort Smith metropolitan area.

“Although the first-quarter 2009 building permit values (measured in a three-month rolling average) were lower than those in the first quarter of 2008, the consistent uptick in monthly gains suggest positive momentum in the building sector,” according to The Compass report.

GREENWOOD
Greenwood issued 10 permits in May valued at $804,520, including 4 new home permits valued at $342,520. During April, Greenwood issued 11 permits valued at $1.936 million, including 7 new home permits valued at $1.41 million.

VAN BUREN
Van Buren in May issued 48 permits valued at $1.447 million. Of that, 32 were for residential work valued at $471,700 The city in April issued 45 permits valued at $1.5 million.