Building permit values down 65% in Fort Smith metro through June

Fort Smith metro building activity continues to come in well under that of the record-breaking 2024. Fort Smith, Greenwood and Van Buren reported combined June building permit values of $17.415 million, down 81% compared to the $91.877 million reported in June 2023.

The June numbers were down 2.9% from the $17.927 million reported in May. Year-to-date the region has issued $120.853 million in building permits, down 65% from the $346.911 million reported in the first half of 2023.

Fort Smith issued 220 permits in June with a value of $16.266 million, up 4.2% from the $15.61 million value of 214 permits issued in May, but down 81.9% from the $89.996 million value of 777 permits issued in June 2023. Year-to-date, Fort Smith has reported $119.704 million in building projects, down 63.5% from the $327.796 million reported in the first six months of 2023.

There were 15 permits issued for new residential construction in June with a combined value of $5.131 million, up 45.9% from the $3.158 million with 17 new residential construction permits in May and down 42% from the $8.851 million with 39 new residential permits in June 2023.

There was one permit issued for new commercial construction in the month – the $2.75 million new warehouse at 200 Navy Road for the Fort Smith Port Authority. The total is up 264% from the $756,000 value of three new commercial construction permits issued in May but down 68.3% from the $8.685 million value of two new commercial construction projects started in June of last year.

There was also a $1.4 million remodel of 524 Garrison Ave., permitted in June. The Fort Smith Convention & Visitors Bureau (CVB) announced June 17 that the Fort Smith’s visitor’s center and the CVB offices would move after spending the past 32 years located on the upper floor of Miss Laura’s Social Club, a former bordello turned museum on North B Street.

Ashleigh Bachert, CVB executive director, said the new offices will be in the former Area Agency on Aging building at 524 Garrison Ave., while the visitors center will be next door in the smaller building between 524 Garrison and the Tip Top Boot building. The space, which is being refurbished, will be leased, she said, adding that a price has not yet been determined because it depends on when they will take occupancy.

VAN BUREN AND GREENWOOD

Van Buren, the region’s second largest city, had 86 projects permitted in June with a total value of $964,400, 52.9% less than the $2.047 million value of 82 permits issued in May and 11% less than the $1.084 million with 175 permits issued in June 2023.

The city issued seven permits for residential construction in the month with a total value of $520,700, up 128% from the $$228,000 value of two new residential permits issued in May but down 51% from the $1.063 million value of residential construction projects permitted in June 2023.

There were two permits issued for commercial construction projects in the month with a total value of $414,000, down 77% from the $$1.819 million value of four commercial projects permitted in May. There were no commercial construction projects permitted in June 2023.

The city has had $7.173 million in permitted activity in the first half of the year, down 47.9% from the $13.777 million permitted through the same time period in 2023.

Greenwood issued 17 permits in June with a value of $184,393, down 31.7% from the $269,890 value of 19 permits issued in May and down 76.6% from the $797,188 value of six permits issued in June 2023. The city has had $5.789 million in permitted activity so far in 2024, up 8.5% from the $5.338 million in permitted activity in the first half of 2023.

The Fort Smith metro ended 2023 with building permits totaling a record $520.644 million, 8.4% more than the $480.376 million in 2022. Building activity has continued to show gains in the past few years, with 2023’s total up 51.7% from 2021’s $343.289 million and 95.7% up from 2020’s $265.975 million.

REGIONAL BUILDING ACTIVITY RECAP
Combined total for the three cities
2023: $520.644 million
2022: $480.376 million
2021: $343.289 million
2020: $265.975 million
2019: $241.741 million
2018: $231.78 million
2017: $210.844 million
2016: $211.345 million
2015: $218.899 million
2014: $198.983 million
2013: $202.389 million