May building permit values up region

Building permit values in Fort Smith, Greenwood and Van Buren, combined to total $13.577 million in May, up significantly from the $8.492 million April total. The increase also represents a slight bump from $12.379 million reported in May 2011.

Last month’s number is up approximately 9.67% from the same period last year, and represents a 59.88% increase from April.

Year-to-date, values are at $52.267 million for the three cities, down 41.09% compared to the 2011 period. Fort Smith claimed the most at $42.013 million (a one-year decline of about 47.73%), while Van Buren was the next largest with $7.353 million (a one-year increase of around 69.03%). Greenwood posted an additional $2.898 million, which was down slightly from last year (about 27.48%).

FORT SMITH
The city of Fort Smith logged 247 permits during May totaling $11.536 million, up dramatically from last month’s 180 permits and $5.563 million tally (an increase of approximately 107%).

Commercial building repairs and alterations, as well as new construction in both commercial and residential led the charge, accounting for around $10.6 million of the final valuation.

Thirty one new home construction permits accounted for $4.991 million, while the city was helped along by three new construction permits for commercial buildings totaling $1.350 million.

Of these new commercial buildings, AT&T at 7110 Rogers Ave. is accredited with a $600,000 valuation, while the Taco Bell at 4910 Towson Ave. added $620,000. Barling Boat Sales accounted for the rest with $130,000 in new construction at 6401 S. Zero St.

Compared to May 2011, Fort Smith’s total permit issuances are up from 213, and valuation has increased 21.21% from last year’s $9.517 million total.

GREENWOOD

New home construction dominated Greenwood’s May numbers with 3 permits totaling $635,540 accounting for most of the $733,540 overall valuation (on 5 total permits). In April, Greenwood scored 7 permits for $727,500, showing a slight 30-day increase.

VAN BUREN

Van Buren’s output dropped significantly from April with a 40.6% fall to $1.307 million from $2.201 million last month. The city also issued two less permits with just 36 total. Compared to May 2011, when the city claimed $1.671 million in valuations, numbers are in decline by 21.78%.

Six single-family residential homes built by Clements Homes, Inc., accounted for approximately $800,000 of the final tally.

2011 RECAP

Building permit values in the three cities during 2011 totaled $88.729 million through May, more than twice what the current numbers reflect. Fort Smith logged $80.382 million in the first five months of 2011, thanks in large part to the $28.45 million permit from Mitsubishi to build a plant at Chaffee Crossing.

Van Buren was at second place through May 2011 with $4.35 million in valuations, edging out Greenwood, which posted just $3.996 million through the same period.

Removing 2011's Mitsubishi new construction permit from the equation, 2012 numbers are down from last year by approximately 13.29%, but considering last month this number represented a 19.2% decline, the tri-city area is trending towards break-even.