Regional permit values down compared to 2011

BusinessFort SmithNews on the Wire

by The City Wire staff ([email protected]) July 9, 2012 4:48 pm 90 views 

Building permit values in Fort Smith, Greenwood and Van Buren, combined to total $14.548 million in June, up slightly from the $13.577 million May total, but down significantly from June 2011, when tri-city valuations tallied $24.677 million.

The month-to-month decline of 41% is consistent with year-to-date comparisons throughout the first half of the year. Valuations for the first half of 2012 are at $66.815 million for the three cities, compared to $113.406 million in 2011.

During the first half of 2012, Fort Smith claimed the largest share with $53.301 million (a one-year decline from $103.366 million of about 48.43%), while Van Buren was the next largest with $9.44 million (a one-year increase from $5.62 million of approximately 68%). Greenwood posted an additional $4.071 million, which was down slightly from last year's $4.337 million (about 6.13%).

FORT SMITH
The city of Fort Smith logged 197 permits during June totaling $11.288 million, down slightly from last month’s $11.536 million tally on 247 permits.

For the month, new home construction accounted for almost half the figure with $4.611 million on 24 permits, while commercial remodeling, alterations, and repairs, totaled approximately $4.2 million on 27 permits.

One new commercial construction permit for $350,000 was obtained by Parnell Consultants, Inc., which primarily focuses on inspection services for oil and gas companies.

Beyond a $3 million permit for additions to the Planters facility in March and $1.22 million worth of valuations in May — $600,000 to AT&T at 7110 Rogers Ave. and $620,000 to Taco Bell at 4910 Towson Ave. — Fort Smith has experienced a slow year in permit issuances for new construction-commercial, especially when comparing to the $28.45 million Mitsubishi at Chaffee Crossing permit from January of last year.

Compared to June 2011, Fort Smith’s total permit issuances are down from 248, and valuation has decreased 51% from last year’s $23.064 million total.

GREENWOOD

New home construction dominated Greenwood’s June numbers, as it has throughout the first half of 2012, with 7 permits totaling $1.104 million accounting for most of the $1.173 million overall valuation (on 11 total permits), and tripling June 2011’s total of $341,880.

VAN BUREN
Van Buren upped valuations and permits to $2.087 million on 48 last month, compared to $1.270 million on 47 in June 2011. New home construction is $651,000 of that total with the addition of five new homes (16 individual permits).

Oxane Materials is adding on to its facility at 3003 Industrial Park and using a permit valued at $940,000 to do so. Coleman Junior High has also obtained a $238,676 permit for work to be done at 821 Pointer Trail, while Central Middle School is undergoing a $170,000 remodel at 913 North 24th St.

Commercial activity for the first half of 2012 has been spurred along by a $595,000 addition from the Boys and Girls Club of Van Buren and a $750,000 addition from Arkansas Warehouse.

2011 RECAP
Of the $113.406 million totaled through June 2011, Fort Smith logged the most with $103.366 million, thanks in large part to the Mitsubishi permit. Van Buren was at second place through June 2011 with $5.62 million in valuations, beating out Greenwood, which posted just $4.337 million through the same period.

Removing Mitsubishi from 2011 tallies, 2012 numbers continue to struggle from last year, decreasing by approximately 21.35%, and trending further down from year-to-date comparisons in May, which showed a decline of just 13.29%.