Building permit values down 58.3% in the Fort Smith metro

Building activity in the Fort Smith metro continues to come in well under that of the record-breaking 2023 with all three of metro’s largest cities falling well below last year’s building values.

Fort Smith, Greenwood and Van Buren reported combined August building permit values of $26.113 million, down 24.2% from the 34.442 reported in August 2023. The August numbers were up 32.8% from the $19.665 million reported in July. Year-to-date the region has issued $170.286 million in building permits, down 58.3% from the $407.917 million reported in the first eight months of 2023.

Fort Smith issued 228 permits in August with a value of $16.047 million, down 18.4% from the $19.665 million value of 191 permits issued in July, and down 31.9% from the $23.586 million value of 309 permits issued in August 202s. Year-to-date, Fort Smith has reported $170.286 million in building projects, down 58.3% from the $372.887 million reported in the first eight months of 2023.

There were nine permits issued for new residential construction in August with a combined value of $5.016 million, up 113% from the $2.351 million value of six permits issued for residential new construction in July and up 103% from the $2.477 million value of 12 new residential construction projects permitted in August 2023.

There were two new commercial construction projects permitted in August with a value of $1.395 million, down 88% from the $11.82 million value of five new commercial construction projects permitted in August of last year. There were no new commercial construction projects started in July.

The two new projects permitted in August include a new Chick-Fil-A at 3825 Century Driveoff Old Greenwood Road near the McDonalds for $1.25 million. The second new commercial project was a $145,000 commercial building at 7115 S. Zero St. by Big. O Entertainment Inc. The building permit notes the project is an “ice house set up.”

There was also a $1.2 million remodel project permitted for Baptist Health-Fort Smith Aug. 21. The permit states the project is for “interior renovations pharmacy clean room,” but representatives from Baptist Health had no information to release on the project.

VAN BUREN AND GREENWOOD
Van Buren, the region’s second largest city, had 77 projects permitted in August for a total of $9.237 million, almost 11 times more than the $840,400 value of 72 projects permitted in July and 49.5% more than the $6.178 million value of 165 projects permitted in August 2023.

The city issued eight permits for residential construction in the month with a total value of $670,000, up .8% from the $664,900 value of six residential permits issued last month but down 78.5% from the $$.115 million in residential projects permitted in August 2023.

There were three commercial construction projects permitted in July for a total of $8.431 million, up significantly from the $165,000 value of one commercial project permitted in July and up 184% from the $2.968 million in permitted commercial projects in August 2023. The projects included two permits from Van Buren High School at 2001 Pointer Trail, one for $3.065 million, which will include 7,999 square feet of new construction and 14,000 square feet of renovation, and a second for $5.346 million, which will include 18,300 square feet of new construction and 2,661 square feet of renovation.

The city has had $17.25 million in permitted activity in the first eight months of the year, down 23% from the $22.399 million permitted through the same time period in 2023.

Greenwood issued 37 permits in August with a value of $828,592, down 70.6% from the $2.815 million value of 37 permits issued in July and down 82.3% from the $4.678 million value of 21 permits issued in August 2023. The city has had $9.433 million in permitted activity so far in 2024, down 25.3% from the $12.631 million in permitted activity through August 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