Area building activity up despite slowdown in Greenwood, Van Buren

Construction activity in Crawford and Sebastian counties during the first quarter or 2011 is showing a rebound, with combined permit values in Fort Smith, Greenwood and Van Buren up 84% compared to the same period in 2010.

However, the value increase drops to just 5% excluding a $28.5 million permit issued in January for construction of the Mitsubishi wind-turbine assembly plant at Chaffee Crossing. Also, the increase comes despite significant slowdown in construction in Greenwood and Van Buren.

Building permit values in Fort Smith, Greenwood and Van Buren during March 2011 totaled $19.432 million, up 48.7% compared to $13.067 million in March 2010.

For the first three months of the year, permit values in the three cities total $66.385 million, up 84% compared to $36.084 million in the 2010 period.

FORT SMITH

Fort Smith officials issued 226 permits valued at $18.384 million in March, up 98.6% compared to the March 2010 value of $9.255 million.

The March permits included 46 new residential permits with a combined value of $6.795 million, up considerably from the 31 new permits issued in March 2010 valued at $5.976 million. The March new housing permits continue a trend of increased residential construction that began in March 2010.

Increased new home construction and moderate home sales have resulted in a more than 40% growth in the number of new and existing homes for sale in Crawford and Sebastian counties during the past two years. In January 2009, homes for sale in the two counties totaled 1,023, growing to 1,434 by February 2011.

The March permits included $4.2 million for work on Dick’s Sporting Goods store in the Fort Smith Pavilion mall at Phoenix Avenue and Old Greenwood Road. The city also issued 6 permits for duplex construction with a total value of $1.4 million.

GREENWOOD

Construction activity permitted in Greenwood during the first quarter of 2011 is off to a slow start. The city has issued permits valued at $1.835 million in the quarter, down 63.1% compared to the $4.981 million in the same period of 2010.

Permits issued during March in Greenwood totaled $469,300, down 76.7% compared to the $2.022 million issued during March 2010. The city issued three new residential permits for a combined value of $386,000, well below the $1.931 million in permits issued during March 2010.

VAN BUREN
Construction activity in Van Buren during the first quarter of 2011 mirrors, unfortunately, that seen in Greenwood.

For the first three months of the year, permit values total $1.873 million, down sharply from the $5.045 million in the 2010 period.

Van Buren permit values in March totaled $578,731, down 67.6% compared to the $1.789 million in March 2010.

2010 RECAP

Building permit values in the three cities during 2010 totaled $158.358 million, down 5.77% compared to $163.824 million in 2009. In 2010, Fort Smith officials issued permits valued at $114.77 million, compared to $138.946 million in 2009.

For the year, Greenwood officials issued permits valued at $18.258 million, up 21.6% over the $15.008 million in all of 2009. However, the city changed its permit assessment process during 2010 in a way that increased the estimated value of construction.

Van Buren officials issued building permits valued at $21.33 million in 2010, up 116% compared to all of 2009. The bulk of the 2010 permit value came from the $13.587 million permit for construction of the new King Elementary.