With new construction underway and jobs coming to the River Valley, developers are working to meet the increased need for housing.
After record-breaking growth in February, with $54 million in project valuations for residential and commercial building permits, Fort Smith has continued to see economic development encourage new businesses and families to find a new home in the River Valley.
In the pandemic of the past two years, more people worked from home, and more people are now finding they can work from home for employers based in other parts of the country. People are moving to more affordable parts of the country to do so, said Fort Smith Mayor George McGill.
Fort Smith is one of those places people are finding attractive, with the Chaffee Crossing District, and downtown restoration continuing to attract people to the northside.
“Fort Smith sits in the center of the United States and the natural beauty is an amazing attraction,” McGill said. “The quality of life is very good. People are beginning to find their way here and begin to explore this area and they are liking what they are seeing. People are starting to buy. People from the East Coast, the West Coast, are now beginning to invest in this region.”
McGill said he thinks a population shift is underway.
“As people begin to look at places to relocate, they are discovering Fort Smith. They are discovering the western side of Arkansas,” McGill said. “That being said, you are getting more offers on homes. People are looking at property. It is a natural economic reaction, supply and demand, and we are beginning to experience that here.”
During his state of the city address March 16, McGill celebrated economic growth, including the investment of close to $170 million by Mercy Hospital and $100 million from Baptist into future healthcare services in Fort Smith.
With a return on investment of close to $1 billion, McGill expressed excitement during his address about Fort Smith being a preferred location for the first squadron of 12 F-16 fighter planes expected at Ebbing Air Force Base in 2023.
Additional jobs will be added by TGE Spark Studios and the expansion of Mars Petcare.
Along with investments in commercial construction, housing is also increasing to prepare for new Fort Smith residents.
New construction building permits were issued for 19 single-family homes in March with a valuation of $2,962,005 along with two permits for new construction duplexes with a valuation of $899,220, according to building permit summaries from the city building services department.
So far this year, 482 building permits have been issued with a total valuation of $107,854,743. Of these permits, there are 57 new construction single-family homes, six new construction duplexes and one new construction multi-family home.
This time last year, 435 building permits were issued for a total valuation of $59,826,854. This included 28 new construction single-family homes, 41 new construction duplexes and one new construction multi-family home.
Overall in 2021, 2,053 building permits were issued for a total valuation of $294,278,633, including 177 new construction single-family homes, 70 new construction duplexes and three new construction multi-family homes.
In 2019, 52.4% of households were rent-occupied while 47.6% of households were owner-occupied homes in Fort Smith, according to the American Community Survey one-year estimate.
From 2016 to 2020, 50.6% of homes in Fort Smith were owner-occupied while 49.4% were rent-occupied, according to the American Community Survey five-year estimates.
Editor Robert Medley contributed to this report.
