Fort Smith metro building permit values down more than 54%

Building activity in the Fort Smith metro in October dropped yet again with totals for the year falling more than 50% below that of the record-breaking 2023. All three of metro’s largest cities are well below last year’s building permit values.

Fort Smith, Greenwood and Van Buren reported combined October building permit values of $11.241 million, down 53.6% from the $24.248 million report in October 2023. The total for the month was 53.9% lower than the $24.41 million reported in September. Year-to-date the region has issued $205.937 million in building permits, down 54.2% from the $449.203 million reported in the first 10 months of 2023.

Fort Smith issued 165 permits in October with a value of $7.835 million, down 64.1% from the $21.822 million value of 180 permits issued in September and down 60.1% from the $19.63 million value of 276 permits in October 2023. Year-to-date, Fort Smith has reported $199.943 million in building projects through October, down 50.8% from the $406.491 million reported during the same period in 2023.

There were 5 permits issued for new residential construction in October with a combined value of $883,356, down 81.8% from the $4.855 million value of 12 permits issued for residential new construction in September and down 82.3% from the $4.991 million value of 21 new residential construction projects permitted in October 2023.

There were no new commercial construction permits issued in the month, a steep drop from the $5.016 million value of one new commercial construction project permitted in September and the $4.407 million value of five new commercial construction projects permitted in October 2023.

The largest commercial projects permitted in October were a $1.05 million remodel of the Sam’s Club at 7700 Rogers Ave., and a $1.03 million remodeling project at the Arkansas College of Health Education’s Research Institute Health and Wellness Center at 1000 Fianna Way.

VAN BUREN AND GREENWOOD
Van Buren, the region’s second largest city, had 89 projects permitted in October with a total value of $1.271 million, a 37.6% decline from the $2.036 million value of 91 projects permitted in September and a 59% decrease from the $3.101 million value of 137 projects permitted in October 2023.

The city issued 12 permits for residential construction in the month with a value of $1.258 million, up 33.1% from the $945,300 value of 15 residential permits issued last month but down 48.6% from the $2.446 million value of 14 residential projects permitted in October 2023.

There was one commercial construction project permitted in October for a total of $13,000, well below the $1.019 million value of two commercial projects permitted in September and down 75.7% from the $535,000 value of four commercial projects in October 2023.

The city has had $20.557 million in permitted activity in the first 10 months of the year, down 35.1% from the $31.678 million permitted through the same time period in 2023.

Greenwood issued 30 permits in October with a value of $2.135 million, up 287% from the $551,574 value of 19 projects permitted in September and up 32% from the $1.617 million value of eight projects permitted in October 2023. The city has had $12.12 million in permitted activity so far in 2024, down 19.95% from the $15.14 million in the first 10 months 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