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Chicagoland new construction continues to soar in 2016

by Peter Thomas Ricci

new-construction-november-2015-census-bureau-permits-starts-multifamily

This year is shaping up to be a very positive one for residential construction in Chicagoland, according to the latest numbers from Dodge Data & Analytics.

In March, residential construction spending in Chicagoland totaled $548 million, a modest 4 percent increase from March 2015; more encouraging was the Second City’s year-to-date spending, which now totals $1.157 billion, 38 percent increase over the same time period in 2015.

As our chart below demonstrates, among large metro areas, Chicagoland’s new construction spending is seeing some of the biggest jumps in the country:

Metro Area Residential Construction Spending – March 2016 (in Millions) YOY Change YTD 2016 Construction Spending (in Millions) YOY Change
Atlanta $549 -25% $1,767 15%
Boston $612 82% $1,486 38%
Chicago $548 4% $1,157 38%
Dallas $802 -6% $2,588 5%
Houston $736 -20% $2,157 -23%
Los Angeles $643 39% $1,398 9%
Miami $881 50% $1,975 31%
New York $2,080 10% $5,594 13%
Seattle $347 -30% $1,109 -10%
San Francisco $468 117.8% $1,162 92%

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