Fort Smith metro building permit values down more than 50% through September

Building activity in the Fort Smith metro in September was above the same period in 2023, but the year still is coming in well under that of the record-breaking 2023 with all three of metro’s largest cities well below last year’s building permit values.

Fort Smith, Greenwood and Van Buren reported combined September building permit values of $24.41 million, up 44.1% from the $16.938 million report in September 2023. Year-to-date the region has issued $194.696 million in building permits, down 54.2% from the $424.855 million reported in the first three quarters of 2023.

Fort Smith issued 180 permits in September with a value of $21.822 million, up 36% from the $16.047 million value of 228 permits issued in August and up 56.2% from the $13.974 million value in September of last year. Year-to-date, Fort Smith has reported $192.108 million in building projects, down 50.3% from the $386.867 million reported in the first nine months of 2023.

There were 12 permits issued for new residential construction in September with a combined value of $4.855 million, down 3.2% from the $5.016 million value of nine permits issued for residential new construction in August, but up 151% from the $1.934 million value of nine new residential construction projects permitted in September 2023.

There was one new commercial construction project permitted in September, the $5.016 million Grand Slam Business Park at 5300 Zero St. The total for new commercial construction is up 277% from the $1.395 million value of two new commercial construction projects permitted in August and up 136% from the $2.223 million value of three new commercial construction projects started in September 2023.

VAN BUREN AND GREENWOOD
Van Buren, the region’s second largest city, had 91 projects permitted in September with a total value of $2.036 million, a 78% decline from the $9.237 million value of 77 projects permitted in August and a 1.7% decrease from the $2.072 million value of 122 projects permitted in September 2023.

The city issued 15 permits for residential construction in the month with a value of $945,300, up 41% from the $670,000 value of eight residential permits issued last month but down 26.6% from the $1.287 million in residential projects permitted in September 2023.

There were two commercial construction projects permitted in September for a total of $1.019 million, down 87.9% from the $8.431 million value of three commercial projects permitted in August but up 29.8% from the $785,000 value of commercial projects in September 2023.

The city has had $19.286 million in permitted activity in the first nine months of the year, down 32.5% from the $28.577 million permitted through the same time period in 2023.

Greenwood issued 19 permits in September with a value of $551,574, down 26% from the $828,592 value of 37 permits issued in August and down 38% from the $891,592 value of 16 permits issued in September 2023. The city has had $9.985 million in permitted activity so far in 2024, down 26% from the $13.523 million in permitted activity in the first three quarters of 2023.

The Fort Smith metro ended 2023 with building permits totaling a record $520.644 million, 8.4% more than the previous record of $480.376 million in 2022.

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