The Chicagoland new construction market is putting up some of the most impressive numbers in the nation this year, according to research from Dodge Data & Analytics.
In September, Chicagoland saw more than $446 million in total residential construction spending, a 13 percent increase over Sept. 2015. More importantly, the Second City’s year-to-date construction spending now totals $5.948 billion, a 72 percent increase over the same time period last year. That is far and away the best YTD growth of any large metro area.
See our chart below for more details on September’s new construction activity:
| Metro Area | Residential Construction Spending – Sept. 2016 (in millions) | YOY Change | YTD 2016 Construction Spending (in millions) | YOY Change |
|---|---|---|---|---|
| Atlanta | $505 | 12% | $5,662 | 13% |
| Boston | $515 | 77% | $3,684 | 7% |
| Chicago | $446 | 13% | $5,948 | 72% |
| Dallas | $847 | -7% | $9,237 | 8% |
| Houston | $671 | -20% | $6,696 | -18% |
| Los Angeles | $528 | 20% | $6,736 | 16% |
| Miami | $267 | -14% | $4,986 | -4% |
| New York | $1,154 | 16% | $14,402 | -25% |
| San Francisco | $287 | 28% | $3,324 | 29% |
| Seattle | $570 | 25% | $3,836 | -6% |
Misleading title – New York is leading the country in new construction, not Chicago. Even Dallas is way ahead.
Hi David, thanks for your comment. As we detail in our story, we’re looking at the rate of growth among the nation’s largest construction markets, and by that measurement, Chicagoland is well ahead of the rest of the pack; for instance, the area’s 72-percent YTD growth is far beyond that of Dallas (8 percent) and New York (-25-percent).
By far the greatest majority of that has to be apartments because it is certainly not in single family sales.
Don,
we reported elsewhere on our site that single-family construction is up this year (https://chicagoagentmagazine.com/2016/11/03/chicagoland-new-construction-highest-level-since-2009/), but the majority of those spending increases are likely for multifamily projects.