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Chicagoland New Construction is Booming in 2015

by Peter Thomas Ricci

This year is shaping up to be a transformative one for new construction in Chicagoland.

chicagoland-new-construction-2015-march-dodge-data-analytics

After several years in the shadows, it seems that Chicagoland’s new construction marketplace is finally returning to prominence.

According to the latest analysis from Dodge Data & Analytics (DDA), residential construction spending in Chicagoland totaled roughly $507 million in March, which has vaulted the metro area ahead of previous construction meccas Los Angeles and Seattle. See our graph below for more perspective:

ResidentalConstrutionSpendinginMarch-02

The news gets even better – in March 2014, Chicagoland’s new construction spending was just $274 million, meaning that spending has risen a remarkable 85 percent from a year ago.

Our second graph looks at year-over-year changes in spending:

Year_Over_YearChangeConstructionSpending-01

Finally, and arguably most encouraging of all, year-to-date residential spending has also increased substantially. Thus far in 2015,  residential spending has totaled $823 million, a 33 percent increase from the $617 million in the same period of 2014 – and all that while Chicagoland was grappling with another brutal wintry season!

See our graph below for a final look at DDA’s numbers, this time on a year-to-date fashion:

YearToYearChangeConstructionSpending-03

Of course, it’s an entirely different matter when we analyze the specifics of what’s actually being built amidst that new construction boom, and we’ll be taking a closer look at those numbers in a follow-up story later this week.

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