Though the amount of construction in Chicago might seem abundant to its residents, the dollar amount spent on construction starts is actually on the decline throughout the city. A recent report by Dodge Data & Analytics reveals that total building spending dropped to $1.2 billion in July 2017, which is an 18 percent decrease from the $1.5 billion spent in the same month just last year.

By the numbers, Chicago spent $400.8 million in nonresidential construction activity in the past month alone – a whopping 39 percent reduction from the $655.3 million that was spent in July 2016. Residential spending saw a similar loss at 16 percent, with the spending amount totaling around $861.9 million.

Year-to-date spending on construction starts also fell across the board. The amount spent on nonresidential starts in Chicago has decreased 10 percent from $3.6 billion to $3.2 billion for 2017 so far. Residential building starts tumbled only 3 percent, bottoming out at $4.1 billion spent through July.

These findings are in tune with those of last month which – besides a spike in nonresidential starts – also reported declines in construction rates throughout the Chicago metropolitan area.

Source: Dodge Data & Analytics