Area permit values up 34.4% during 2011

A surge of commercial construction in Fort Smith was largely responsible for a more than 34% gain in combined building permit values in Fort Smith, Greenwood and Van Buren during 2011.

The three cities issued permits valued at $201.079 million during the year, up 34.47% compared to the $149.529 million during 2010.

GREENWOOD, VAN BUREN DROP
Greenwood and Van Buren fell well behind the 2010 pace.

The total permit value in Greenwood during 2011 was $9.461 million, more than 48% less than the $18.258 million permitted during 2010. A slowdown in residential construction pushed the permit values lower in the south Sebastian County city. During 2010 the city permitted $12.646 million in residential work, with the value falling to $6.015 million in 2011.

Greenwood permits issued during the fourth quarter of the year totaled $3.494 million, down 36.7% compared to the 2010 period.

In Van Buren, the 2011 building permit values totaled $12.29 million, an almost $9 million drop from the 2010 total of $21.33 million. However, the bulk of the 2010 permit value came from the $13.587 million permit for construction of the new King Elementary.

Van Buren saw residential construction values increase, with $8.748 million permitted in 2011, up from $5.583 million in 2010.

The city ended the year on a good note. Van Buren permits issued during the fourth quarter of the year totaled $4.174 million, well ahead of the $2.515 million in the 2010 period.

FORT SMITH JUMP
Permit values in Fort Smith during 2011 totaled $179.227 million, up 63% compared to the $109.941 million during 2010.

Fort Smith began the year with a $28.5 million permit for construction of Mitsubishi’s wind-turbine assembly plant. The January permit values totaled $38.338 million, 326% higher than the $8.997 million in January 2010.

The January figures seemed to set the pace for a year in which eight of 12 months would post gains over the previous year. Other large commercial projects permitted during 2011 include:
• $4.2 million for work on Dick’s Sporting Goods store in the Fort Smith Pavilion mall,
• $2.7 million infrastructure project by OG&E;
• $2.2 million permit for Buffalo Wild Wings restaurant helped push the October value of Fort Smith building permits up more than 55%;
• $1.702 million in construction for a convenience store/Dunkin Donuts at 7401 Phoenix Ave.;
• $1.491 million permit for construction of a Bob Evans restaurant in the Fort Smith Pavilion area; and,
• $1 million permit for repair work at Kohl’s Department Store in Fort Smith.

The pace of commercial construction and permit declines in other sectors worked to significantly boost the per permit value in Fort Smith. The city issued 2,306 permits in 2011, compared to 2,570 in 2010. The per permit value during 2011 was $77,722, up 81.7% compared to $42,778 during 2010.

However, residential construction slowed in 2011 based on the number of permits issued. Fort Smith issued 1,526 permits for residential work during 2011, down 13.73% compared to 1,769 during 2010.