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New Construction in Chicagoland Grew Considerably in 2014

by Peter Thomas Ricci

2014 was a very good year for new construction in Chicagoland, according to the latest stats.

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Creative Commons 2.0: Jason Helle, http://commons.wikimedia.org/wiki/File:Aerial_view_of_Chicago.jpg

Total residential construction spending in the Chicagoland area was $4.293 billion in 2014, a 19 percent increase from 2013, according to new numbers from Dodge Data & Analytics.

That was in addition to Chicagoland’s strong December construction market, which saw activity rise from $252 million in Dec. 2013 to $351 million in 2014, a 39 percent increase.

The size of Chicagoland’s construction market remains relatively small – at $4.293 billion, for instance, it’s less than half of Houston’s $9.841 billion – but a 19 percent increase is no small achievement, and it will be very interesting to see how the market builds on those numbers in 2015.

See our graph below for some additional perspective:

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