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Chicago construction starts continue to decline

by Rincey Abraham

Construction-crane-homebuilding-builders

Although there seems to be a flurry of construction activity throughout the city, starts are down across the board in the Chicago-Naperville-Joliet MSA on a year-over-year basis, according to the latest report from Dodge Data and Analytics.

Residential construction starts spending was $365.2 million, down 71 percent from $1.3 billion in August 2016. Nonresidential starts spending was down 46 percent, from $719.1 million in August 2016 to $388.4 million in August 2017. Total starts dropped 62 percent from $2 billion in August 2016 to $753.6 million in August 2017.

On a year-to-date basis, total construction starts are down 17 percent in the area. In 2017, total starts reached $8.2 billion compared to nearly $10 billion in 2016. Nonresidential starts spending was $3.8 billion in 2017 year-to-date, down 14 percent from $4.4 billion last year. Residential spending hit $4.5 billion in 2017, down 19 percent from $5.5 billion in 2016.

Aug 2017 Aug 2016 % Change
Nonresidential $388,357,000 $719,142,000 -46%
Residential $365,201,000 $1,281,131,000 -71%
Total Building $753,558,000 $2,000,273,000 -62%

 

YTD 2017 YTD 2016 % Change
Nonresidential $3,755,420,000 $4,358,517,000 -14%
Residential $4,492,138,000 $5,548,237,000 -19%
Total Building $8,247,558,000 $9,906,754,000 -17%

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