Every year, it’s interesting to see how our New Construction Status Update grows. After the recession, there were not a lot of new construction projects anywhere in Chicagoland, and we could fit the entire status update on a few pages in the magazine. However, the past few years (this year being no exception), there have been so many new construction projects in the city and suburbs that we had to publish only a sample of the New Construction Status Update in this issue, and the full list online: https://chicagoagentmagazine.com/current-issue/2015-new-construction-update/.
That is obviously a good sign for the new home market, and recent reports back it up. The latest Dodge Data & Analytics report said that residential construction spending in the Chicagoland area in January came in at $138.750 million, a 10 percent increase from January of last year. Permit numbers for single-family homes has risen 16.3 percent compared to January of last year, and although the Census Bureau reported that multifamily permits fell 66.16 percent compared to Jan. 2014, there have been several multifamily projects going up – for rent and for sale – suggesting that demand and activity is alive and well. After all, multifamily permits alone comprised 47.1 percent of all permit activity in 2014 – up from 18.4 percent in 2004. Higher demand for new construction is incrementally increasing – check out our cover story on page 20 for the latest market info, and our New Construction Status Update on page 30 for available new construction developments for your clients.
On a completely different note, this will be my last editor’s note for Chicago Agent magazine. After a little more than four years at the helm, I’ve decided that now is the right time to move on, and to continue growing my career in publishing and real estate. I have no doubt that this magazine will keep growing and doing great work, though, and I will definitely miss the staff and everyone who helped me make each issue great. I’d like to thank all of our readers for your feedback and kind words over the years. And of course, thank you, Chicago Agent, for all of the memories – I’ll definitely miss the issue parties! Although it’s already spring, the market is poised to continually improve, so I wish everyone all the best – make 2015 a great year!