Jeff Reed

In case you've wondered, Conway is still growing and shows little sign of slowing.

That's one of the conclusions of the 1999 Economic Report and 2000 Forecast presented by Dr. Roger D. Lewis to the Conway Noon Rotary Club on Thursday at Catfish & More.

Using a formula that multiplies the number of residential electric customers (17,206) for Conway Corp., and the average number (2.6 persons) of residents per household based on the 1996 special census, Lewis figures the Conway population is at 45,251.

For Faulkner County, Lewis is not able to calculate the figures as accurately, but he believes the population is more than 90,000.

"I think it is safe to say the census (taken this spring) will show 46,000,'' he said. "I think the county might get close to 100,000. The areas around Greenbrier and Vilonia continue to grow because of the water pipeline.''

In 1998, Conway Corp. had 16,411 residential electric customers. While the increase of 795 is down from the 1,079 increase from the previous year, it was the fifth straight year the increase has been more than 650 customers.

And while the population continues to grow, the home market -- from selling to building to buying -- continues to blossom.

"I guess it is like the movie Field of Dreams -- build it and they will come,'' said Lewis.

The number of family units constructed in 1999 in Conway was a record 910.

There were 493 single family dwellings -- the second best in the decade -- 54 duplexes and 363 multifamily units (apartments).

In 1998 there were 817 units built -- 434 singles family, 54 duplexes and 397 apartments.

The record for single family dwellings is 515 in 1994. The apartment unit number was down 34 from last year, but it is the third straight year the city has clipped the 300-unit mark and is part of a four-year total of 1,345 units.

"Who knows when it will stop,'' said Lewis. "It is hard to predict.''

The real estate market continues to explode coming off a year when the previous record was broken by $60 million, the real estate industry climbed another $13 million.

Sales for 1999 were $262,489,000, breaking the 1998 record of f $249,374,242.

Those figures were achieved based on state revenue tax stamps sold ($3.10 per 1,000).

Other items from the report:

* Faulkner County's unemployment rate was 3.4 percent for 1999, below the state average of 4.5 percent and the national average of 4.2 percent.

* County property tax assessments rose 26.7 percent to almost $484 million.

* Retail sales tax collected in the county increased $8.1 million to $13 million. Estimated gross sales in Conway was $685,551,340.

* Regions Bank was the dominant bank in the county with a market share of 44 percent. First Community was second at 16.8 percent just ahead of Bank of America at 16.64 percent.

* In 1999, 3,877 new automobiles were sold, up 1 percent. While the sale of cars declined, trucks sales, which includes SUVs and vans, was up 1.2 percent. Used car sales were up almost 5 percent. The total automobile purchases was 6,950, an increase of 6.1 percent.

* While farmers had a rough year individually, production was up almost 20 percent to $35 million.

* Tourism expenditures were up 20 percent.

(Staff writer Jeff Reed can be reached by phone at 505-1236 or e-mail at jreed@thecabin.net)