In the midst of a national inventory shortage, new construction spending is up in Chicago, according to the latest numbers from Dodge Data & Analytics.
Dodge’s report shows that in the month of February, the metropolitan statistical area of Chicago has seen $134,687,000 spent on nonresidential construction. Last year spending clocked in at $199,308,000 in the same month, marking a 32 percent decrease. Meanwhile, construction on residential buildings increased by four percent.
However, builders seem to have big plans for Chicago-area projects this year. So far in 2017, new construction spending has reached $1,099,510,00 on residential construction; by this time last year only $631,116,000 had been spent on residential construction, a jump of 74 percent. Nonresidential construction has also decreased year-to-date, by a margin of 11 percent.
Though these numbers seem to bode well for Chicago against the backdrop of an inventory shortage, other major cities like Boston are facing a 71 percent drop from last year’s residential construction numbers.
|Feb. 2017||Feb. 2016||Percent change|