Silgan, Bekaert, and Firstar Bank push Fort Smith metro building activity to 68% increase in April

Building activity in the Fort Smith region bounced back after a weak opening quarter. April permit values enjoyed a jump of close to 68% with $28.937 million in valuations for Fort Smith, Van Buren, and Greenwood.

The performance came early enough to undo much of the January-March damage. The region ended Q1 with a 28% decline. Thanks to the last 30 days, it’s now off just 6.55% for the year.

Year-to-date, the region has posted $71.915 million in valuations against $76.955 million for the first four months of 2017. Fort Smith, its largest city, led the way in April with $19.196 million on 197 permits, an increase of 44.72% compared to April 2017’s $13.264 million. Most permitting activity was residential, but valuations were heaviest on the commercial side with $15.825 million on 45 permits.

Over half the number was achieved on the backs of two permits – a $5.7 million for the new Silgan Plastic Containers manufacturing facility at 7101 Highway 45 and a $3 million for Firstar Bank’s planned $3.5 million location at 6200 Massard Road. The Silgan permit is part of a planned $38 million investment that will create 150 new jobs with average pay of around $21 per hour. Firstar Bank will open in 2019 and be home to 20 employees.

On the residential side, Fort Smith posted $3.111 million in valuations on 126 permits. Year-to-date, Fort Smith is down 12.51% with a $56.439 million residential valuation against $64.512 million for the first four months of 2017.

VAN BUREN, GREENWOOD
Van Buren, the region’s second largest city, posted its biggest numbers in years, thanks largely to two permits totaling $4.911 million, both issued to Bekaert, which recently announced a $16 million expansion along with the addition of 40 new jobs that will pay an average of $20 per hour. Bekaert’s Rogers, Ark., plant underwent a $32 million expansion in 2016. It added 100 jobs. The last known Van Buren expansion was in 2013 and added 45.

As for the overall, Van Buren’s April numbers hit $8.426 million on 69 projects, a 140.4% jump from April 2017’s $3.505 million. The performance surged year-to-date numbers to $11.641 million, a 67.88% increase from last year’s $6.934 million.

Greenwood had more ground to make up from the first quarter, and it tried to do just that with April numbers hitting $1.315 million, a 168.66% increase from April 2017. However, the city’s YTD numbers remain far behind last year with $3.835 million against $5.509 million, a drop of 30.39%. Most activity for the month ($1.232 million) occurred on the residential side.

REGIONAL BUILDING ACTIVITY RECAP
Combined total for the three cities
2017: $210.844 million
2016: $211.345 million
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
2017: $169.958 million
2016: $185.783 million
2015: $191.631 million
2014: $174.252 million
2013: $185.057 million
2012: $136.248 million

Van Buren
2017: $19.665 million
2016: $15.327 million
2015: $16.009 million
2014: $7.918 million
2013: $8.283 million
2012: $8.609 million

Greenwood
2017: $15.23 million
2016: $10.235 million
2015: $11.259 million
2014: $16.813 million
2013: $9.049 million
2012: $9.983 million