Residential construction is gaining ground in many metropolitan areas in the U.S. Unfortunately, not everyone did so well in June.
McGraw-Hill released its June construction report this week, and the news confirmed more of what’s been taking place in Chicago recently: despite strong demand, construction is failing to keep pace with 2013.
In June, residential construction activity was down a considerable 27 percent year-over-year, keeping home prices steadily rising and bringing total activity to more than $337 million. Oddly enough, residential contracts awarded in June were also down 27 percent year-over-year.
Year-to-date, residential construction activity is down only six percent from 2013, which indicates the pace may not be as slow as June’s numbers suggest, but activity should continue to climb as demand persists.
Check out our graph below to see how Chicago compares with other metros: