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New home construction soars in Chicago

by Marcus Paul

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

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
Nonresidential $134,687,000 $199,308,000 -32
Residential $224,387,000 $215,666,000 4
Total $359,074,000 $414,974,000 -13
Year-to-date figures:
2017 2016 Percent change
Nonresidential $459,523,000 $519,113,000 -11
Residential $1,099,510,000 $631,116,000 74
Total $1,559,033,000 $1,150,229,000 36

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