Markets & EconomyRentals

Residential construction speeding up in the Chicago metro, says Dodge Data Analytics

High-rise project starts are taking place all throughout the city
  • Single-family housing starts are expected to surpass 6,000 this year in the Chicago metro.
  • The city of Chicago has several notable, residential tower projects slated to start this year.
  • Chicago's non-residential construction sector is down on a year-over-year basis.

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So far this year, residential construction starts activity in the Chicago-Naperville-Joliet metro is up noticeably on a year-over-year basis. During the first two months of this year, residential construction starts in the metro totaled more than $606 million, up from $312.5 million during the same span last year, according to data from Dodge Data & Analytics. The 94 percent annual rise in residential starts can be attributed to the commencement of several rental and condo towers. According to the U.S. Census Bureau, of the 2,646 residential building permits pulled in the Chicago metro spanning January and February 1,793 were for units within buildings containing five or more units. Additionally, 781 units were for single-family homes. MetroStudy expects 6,200 to 6,300 single-family housing starts this year in the 12-county Chicagoland region, which would equate to 3 or 4 percent year-over-year growth. The source reports that roughly 35 percent of these starts will be ...