18 Nov 2024 Community preps for growing housing needs in City of Colleges

Posted at 6:44 PMh in News by

By Stefanie Brazile

Conway’s newest title as the state’s fastest-growing city has civic and business leaders working together to solve an obvious problem—where will newcomers live?

Among Arkansas cities with more than 50,000 residents, Conway is the fastest growing for the second year in a row, rising 2.9 percent in 2023 to 69,580 people, according to data released by the U.S. Census Bureau.

Johnny Adams, Conway Market President of First Security Bank, is committed to helping families as they seek housing in Faulkner County.

Leaders credit excellent schools and economic development as the main drivers of growth, along with affordability of housing and quality of life.

“To look at how Conway’s growth originated, you have to go back to the ‘80s and ‘90s on through 2000,” said Johnny Adams, Conway market president and CEO of First Security Bank. “Conway’s growth originated in part by people from Pulaski County and elsewhere moving here because parents looked at safety, educational excellence and participation opportunities in our public schools. Schools are really what fueled our early growth.”

In addition to people migrating from Little Rock and its surrounding cities, other issues that draw people include housing affordability and quality of life, according to Adams. Additionally, increased economic development and the creation of new local jobs continue to fuel strong growth.

But as builders try to keep up with demand, they struggle with finding available land to build on. “Conway is running out of lots,” Adams said, “and this has impacted the growth we’ve seen throughout the county in Springhill, Wooster, Greenbrier, Quitman and over towards Mount Vernon-Enola.”

His concern was echoed on Oct. 10 by the executive vice president for the Conway Area Chamber of Commerce and the Conway Development Corp. Jamie Gates presented the results of a housing study commissioned by the Chamber and performed by Next Move Group. He spoke to a large room full of builders, bankers, real estate agents, insurance representatives and other interested parties at the first event of the day at the annual Business Expo.

Gates said the results showed a “problematic shortage” in workforce housing. The comprehensive study highlighted concerns about the rising costs of building materials and labor, the availability of infrastructure and the costs associated with developing infrastructure to support new housing.

The study estimated the number of new homes needed over five years is 916, plus 479 new rental units. It went a step further and broke down how many are needed by income levels, starting with 321 homes for people with a household income of $75,000.

Currently, about 64 percent of households in the city own and 36 percent rent, according to Gates. He said that rentals are not always accessed by young adults; people in middle and older age groups are often more comfortable renting initially when moving for a new job. Additionally, they may experience delays in selling their home and, therefore, rent for a time.

Like Adams, Gates said that outlying areas, which are a short commute from Conway, are part of the solution. There is ample land available for development in Springhill, Greenbrier, Wooster, Quitman, Vilonia, Mount Vernon and Enola.

Gates encouraged his audience that by working together, the housing needs can be met. Conway is already preparing for the next few years and making plans to continue to meet this demand.