Fort Smith metro building activity up over 26% despite weak May permit numbers

by Aric Mitchell (aric.mitchell@gmail.com) 136 views 

Fort Smith, Van Buren, and Greenwood added $88.44 million in permits against 2016’s $69.94 million valuation through May, a gain of 26.45%, but the news wasn’t all good for the last 30 days as permit values for May were down significantly year-over-year.

To give an idea, the Fort Smith metro region ended April 2017 36% up, so May’s performance created a dip of close to 10% in values.

Fort Smith, as Arkansas’ second largest city and the cornerstone of the metro region, led the way with $9.408 million in value on 216 permits, a 26.07% decline from May 2016’s $12.725 million. Through the first five months of 2017, the city posted $73.92 million against $69.873 million for the same period last year — a gain of 5.79%.

Most of the month’s activity landed on the residential side with $5.171 million logged on 151 permits.

The commercial portion was a close second, adding $4.065 million in values on 40 permits. The largest individual line item was for $2.297 million for a remodel on five buildings at 7401-7429 Ellis Street (aka The Warehouse at Chaffee Crossing). The addresses are 7401, 7405, 7411, 7419, and 7429 (buildings 203-207). The project is for Diades Investments LLC. Two of the five buildings will be occupied by an engineering firm and a pizza pub and brewery. Scott Archer, principal engineer at HSA Engineering Consulting Services, is a partner on the project.

VAN BUREN, GREENWOOD
Van Buren stayed above 2016’s year-to-date performance, thanks to a 332% gain from May of last year. The city logged $1.184 million on 58 projects for the month against the previous May’s $274,065. The tallies were almost evenly balanced with $495,000 of the value falling on the residential side and $480,025 on commercial. With the performance, the city has broadened its increase from 3.13% at the end of April to 16% year-to-date with $8.118 million in new values against $6.998 million in 2016.

Greenwood also posted a major gain percentage-wise in May with a 105.46% increase to $893,615 in values on seven permits (five residential at $665,730) versus $434,940 in May 2016. The YTD jump was enough to put the city’s overall gains close to 20% for the first five months of 2017. Through May, the city has logged $6.402 million in permits against a total of $5.363 million during the same period last year, an increase of 19.37%.

REGIONAL BUILDING ACTIVITY RECAP
Combined total for the three cities
2016: $213.734 million (With 41.67% of the year complete, the 2017 YTD is at 41.38% of the 2016 total)
2015: $218.899 million
2014: $198.983 million
2013: $202.389 million
2012: $154.64 million
2011: $201.079 million
2010: $149 million
2009: $164 million

Fort Smith
2016: $187.675 million (With 41.67% of the year complete, the 2017 YTD is at 39.39% of the 2016 total)
2015: $191.631 million
2014: $174.252 million
2013: $185.057 million
2012: $136.248 million

Van Buren
2016: $15.328 million (With 41.67% of the year complete, the 2017 YTD is at 52.96% of the 2016 total)
2015: $16.009 million
2014: $7.918 million
2013: $8.283 million
2012: $8.609 million

Greenwood
2016: $10.731 million (With 41.67% of the year complete, the 2017 YTD is at 59.66% of the 2016 total)
2015: $11.259 million
2014: $16.813 million
2013: $9.049 million
2012: $9.983 million

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