Area building permit values drop 40% in February

Building permit values in Fort Smith, Greenwood and Van Buren during February 2011 totaled $6.796 million, down 40.47% compared to $11.417 million in February 2010.

For the first two months of the year, permit values in the three cities are up 104% — thanks to a $28.5 million permit issued in January for the beginning work on Mitsubishi’s Chaffee Crossing plant. Without that permit, values would be down 19.7% in the three cities.

FORT SMITH
Fort Smith issued 140 permits valued at $5.929 million in February, down 24% compared to the February 2010 value of $7.808 million.

The February permits included nine new residential permits with a combined value of $1.795 million, down considerably from the 30 new permits issued in February 2010 valued at $3.98 million. The February new housing permits are also down from January when 5 new residential permits with a combined value of $3.246 million were issued.

February permits included $700,000 for work value equally split among the Braum’s stores at 7701 Rogers Ave. and 1500 S. Zero St.

Also, a permit was issued for $472,000 in estimated construction at the AT&T building at 101. N. 13th St. The work centers around installing a new elevator.

GREENWOOD
Construction activity permitted during February in Greenwood came to relative halt. The city issued two new residential permits for a combined value of $269,920, well below the $2.562 million in permits issued during February 2010.

Fortunately, Greenwood got off to a good start with January permit values totaling $1.096 million, up 175% compared to January 2010.

VAN BUREN
Van Buren permit values also fell in February. The city issued permits valued at $569,700, down 43% compared to February 2010. The February activity followed a January in which permit values were down 67.17% compared to January 2010.

2010 RECAP
Building permit values in the three cities during 2010 totaled $158.358 million, down 5.77% compared to $163.824 million in 2009. In 2010, Fort Smith officials issued permits valued at $114.77 million, compared to $138.946 million in 2009.

For the year, Greenwood officials issued permits valued at $18.258 million, up 21.6% over the $15.008 million in all of 2009. However, the city changed its permit assessment process during 2010 in a way that increased the estimated value of construction.

Van Buren officials issued building permits valued at $21.33 million in 2010, up 116% compared to all of 2009. The bulk of the 2010 permit value came from the $13.587 million permit for construction of the new King Elementary.