FARMINGTON, Ark. (KNWA/KFTA) — The city of Farmington is projected to see double the amount of building permits in 2020 than it saw in 2019.
With historically low interest rates, many see now as an opportunity to increase development. Mayor Ernie Penn said building permits were up in 2019 by 21%, and they’re expecting even more of an increase in 2020.
The city is on track to begin constructing seven new neighborhoods. Four of which are already under construction, and three are still waiting approval from the planning commission.
Mayor Penn said both locals and new people from out of town are contributing to the growth.He feels the city is becoming more attractive thanks to new low interest rates, an abundance of land and good schools.
He said he hopes the increase in population will also spur more commercial growth.
“I was born and raised here, so I’ve seen it come from a very very small town, to a more progressive town. I think it will be a very positive thing for our community.” Mayor Penn said.
The Coronavirus could impact how quickly these new housing editions are built, but Mayor Penn said the planning commission expects the projects to be complete within five years.