Industry NewsMarkets & Economy

Chicagoland residential construction starts increasing

People are filling the jobs, now they just need homes
  • New residential construction starts increased 4 percent to $547.996 million.
  • New nonresidential construction starts decreased 16 percent to $271.616 million.
  • Total new construction starts decreased to $819.612 million.

The latest report from Dodge Data & Analytics shows that construction starts in the metropolitan statistical area of Chicago-Naperville-Joliet are up from last year, with residential construction starts in the area totaling $547.996 million. This number represents a 4 percent increase since March of 2015 ($526.442 million). For nonresidential construction, the numbers dropped considerably since 2015: Last year, the area had $325.264 million, but dropped to $271.616 million this year -- a 16 percent decrease. "In 2015, nationwide single-family housing construction was up 10 percent," said Dr. Robert Dietz, chief economist and senior vice president for economics and housing policy for the National Association of Home Builders. "We're forecasting a little faster growth in 2016. Maybe 14 percent." [graphiq id="60iclWFYgSx" title="Mortgage Costs in Chicago, IL" width="600" height="514" url="https://w.graphiq.com/w/60iclWFYgSx" link="http://places.findthehome.com/l/3286...