story by Ryan Saylor
rsaylor@thecitywire.com
The values of building permits issued in Fort Smith, Greenwood and Van Buren were a combined $14.515 million in July, up by more than $5 million from the same period last year and nearing the July 2011 values of $14.864 million.
The uptick in building permit values represents a 60.31% increase over July 2012. The increase is consistent with the numbers throughout the year from the three cities. Total permit values equal $107.017 million for the first seven months of 2013, an increase of 41.5% compared to the $75.627 million during the same seven months in 2012.
FORT SMITH
During July, 156 permits were issued at a value of $13.82 million. Construction remains strong in the residential sector, with 97 of the permits relating to home construction or remodeling.
Comparing July 2013 to July 2012, Fort Smith saw less permits issued, though the collective value was 97.54% higher than the $6.996 million issued last year. More than $3.4 million of that was tied to an expansion at Graphic Packaging at Chaffee Crossing.
GREENWOOD
Just like last month, five permits were issued in Greenwood, though the collective value of $443,920 was 69.57% lower than the $1.459 million in permits issued in June.
Compared to July 2012, Greenwood's numbers were still lower. Three permits were issued for a total valuation of $758,795.
VAN BUREN
Van Buren had the smallest valuation of the three cities, bringing in only 28 projects worth $251,000, down 80.68% from July 2012.
While the permit for the new Van Buren Fire Department dominated June's valuation report, a single home valued at $185,000 dominated July's report, with the remainder being small projects instead of new home or commercial construction.
2012 RECAP
Combined values in the three cities during 2012 were $157.32 million, compared to $201.079 million during 2011. The 2012 value is above the $149 million in 2010, but below the $164 million during 2009.
Fort Smith closed 2012 with the largest share of valuations, logging $136.428 million (a one-year decline from $179.288 million of about 23.9%), while Van Buren was the next largest with $12.282 million (a one-year decrease from $12.39 million of approximately 0.87%). Greenwood posted an additional $8.609 million, which was down slightly from last year’s $9.461 million (down about 9%).
The 2012 figures were compared against a $28.5 million permit for the construction of a Mitsubishi wind-turbine assembly plant at Chaffee Crossing. The plant has been mothballed by the company. Even without that permit, the Fort Smith metro area lagged when compared to 2011 showing a decrease of around 8.8%.