Regional building permit values up 26%
by February 23, 2012 3:47 pm 71 views
Northwest Arkansas homebuilders were off to a busier start in 2012 and unseasonably warm weather has meant February permits are tracking as well.
New residential construction permit values in Fayetteville, Springdale, Siloam Springs, Rogers and Bentonville together rose 26.36% to total $17.799 million in January, versus $14.085 million a year ago.
Homebuilders started 83 new homes last month, 70% of those were in Benton County. Bentonville reported 33 new home starts with permits valued at $7.157 million, up 57% from a year ago.
The city of Rogers issued double the permits from a year ago, 25, versus 12. The value of the new homes under construction in Rogers totaled $4.954 million last month, up 70% from a year ago.
Siloam Springs bucked the upward trend and did not issue any permits for new residential construction last month, according to city records.
New home starts in Springdale totaled 13 last month, down from 18 a year ago. Those permits were valued $3.148 million, down 9.5% in the year-over-year period.
Fayetteville’s home building pace remained flat in January with 12 permits totaling $2.538 million. While the number of new projects remained constant at 12, the values declined 9.7% from a year ago.
COMMERCIAL SLACK
The region’s commercial sector, which includes business, civic, industrial and multifamily projects began the year in a sluggish mode.
The five cities together issued 13 permits valued at $4.512 million last month, but that fell short of the $29.576 million reported a year ago. Last year’s numbers were boosted by the $22.9 million new hospital in western Benton County — Siloam Springs Memorial. Without the one gigantic project, the region’s commercial permit values still lagged 30% behind the prior year.
Rogers has been the most active, issuing the go-ahead for 9 new commercial projects with a cumulative value of $1.391 million, compared to $3.801 million a year ago. The new projects include a fitness center for Nabholz employees, additions to the Meadows Apartments and a Fresh Market restaurant at Pinnacle Hills Promenade. Fresh Market will locate in the site formerly occupied by Borders bookstore.
Bentonville issued one new permit totaling $1.683 million for the new Northwest Health Clinic under construction between Lowe’s and McDonald’s on U.S. 71 N., near the Bella Vista Line.
Two new office buildings were approved by the city of Fayetteville last month. Those permit values totaled $1.015 million. The tenants include the Area Agency on Aging and the law firm Elliott and Smith.
The city of Springdale issued one new permit valued at $442,596 for a warehouse located off Butterfield Coach Road. Springdale’s commercial permit values were down 75% from $1.803 million last year when a Casey’s convenience store and a new equipment dealership were approved by the city.
Siloam Springs did not issue a new commercial permit in January.
When combining the two building sectors the region’s January permit values totaled $22.311 million, down 49% from $43.661 million a year ago.
2011 RECAP
The cumulative new building permit values in Fayetteville, Springdale, Rogers, Bentonville and Siloam Springs jumped 27.3% during 2011.The respective cites issued permits totaling $354.23 million, compared to $278.15 million in 2010 as both the residential and commercial sectors showed signed of recovery from the prior-year slump.