Markets & Economy

Residential construction in Chicago is booming

Dodge Data & Analytics shows 33 percent rise in year-to-date residential construction

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The metro area of Chicago-Naperville-Joliet is seeing a sharp rise in construction, specifically in the residential sector. According to Dodge Data & Analytics, the total single and multifamily housing construction jumped 33 percent on a year-over-year basis, from $1.17 billion in 2015 to $1.55 billion thus far this year. On the other hand, nonresidential construction total, comprising office, retail, hotels and so on, dropped 30 percent on a year-over-year basis last month, from $2.07 billion last year to $1.45 billion this year. The decline in nonresidential buildings caused the total building year-to-date figures to drop 7 percent year-over-year. In 2015, total construction thus far was $3.23 billion. This year, total construction to date is slightly over $3 billion. The Chicago metro area encompasses Cook, De Kalb, Du Page, Grundy, Jasper, Kane, Kendall, Kenosha, Lake, McHenry, Newton, Porter and Will counties. The Chicago-Naperville-Joliet metro counties span acros...