The Chicago-Naperville-Elgin metro area is 27.5 percent recovered from the housing bust, according to a BuildZoom and Urban Economics Lab index.
Recent data indicates that full recovery is a ways off, as the the volume of single-family construction permits pulled in the metro dropped by 6.6 percent on a year-over-year basis during the second quarter.
However, the metro, which has a population of nearly 10 million, will be a focal point for a consortium of homebuilders moving forward. These builders are likely to concentrate on suburban locales within the metro.
Texas-based homebuilder David Weekley Homes expects to complete 100 suburban-located homes next year. The company has recently purchased lots in high-end northern suburbs, including Wilmette, Northbrook, Deerfield and Highland Park.
M/I Homes and Chicago-based Lexington Homes are also expected to be active. The latter has proposed a 29-story tower close to the Near North Side in a partnership with a local developer.
While new home permit activity trails 2014 levels, remodeling activity increased by 5.3 percent year-over-year. BuildZoom considers the metro’s remodeling industry to be nearly 60 percent recovered from the housing bust.
Nationwide, new home permit activity rose by 18.7 percent year-over-year during the second quarter; however, the industry is considered to have recovered from the housing crash by only 16.8 percent.
