Decline continues for area building permit values

The value of building permits in Fort Smith, Greenwood and Van Buren were a combined $6.609 million in February, down 2.75% compared to $6.796 million in February 2012.

At this same time in 2012, building permits had risen more than 3% based on strong activity in residential construction across Greenwood and Van Buren. For the first two months of 2013, permit values in the three cities are down 2.86% compared to the 2012 period.

The largest permit in the three cities in February of this year was issued to a new mini storage facility to be built at 6300 Massard Road in Fort Smith. The permit for the facility totaled $950,000.

FORT SMITH
The city of Fort Smith issued 146 permits during the month of February with a total value of $5.327 million, up 1.06% compared to $5.271 million in February 2012.

The 93 new residential permits issued by the city totaled $2.259 million, up from the Feb. 2012 total of $1.952 million for nine new residential permits.

GREENWOOD
Permits issued during February in Greenwood totaled $458,825, a decrease of 14.28% from $535,315 in Feb. 2012. Four permits were issued last month, two residential permits, one commercial permit and an accessory building permit.

VAN BUREN
The city of Van Buren issued 41 building permits totaling $824,000 in February, a 33.12% decrease from $1.232 million in Feb. 2012. The permits included 10 single family residential permits, one duplex permit and 14 permits for a building containing five or more units.

2012 RECAP
Combined values in the three cities during 2012 were $157.32 million, compared to $201.079 million during 2011. The 2012 value is above the $149 million in 2010, but below the $164 million during 2009.

Fort Smith closed 2012 with the largest share of valuations, logging $136.428 million (a one-year decline from $179.288 million of about 23.9%), while Van Buren was the next largest with $12.282 million (a one-year decrease from $12.39 million of approximately 0.87%). Greenwood posted an additional $8.609 million, which was down slightly from last year’s $9.461 million (down about 9%).

The 2012 figures were compared against a $28.5 million permit for the construction of a Mitsubishi wind-turbine assembly plant at Chaffee Crossing. The plant has been mothballed by the company. Even without that permit, the Fort Smith metro area lagged when compared to 2011 showing a decrease of around 8.8%.