Chicago Construction Declines for First Time in Six Years
Research firm Dodge Data & Analytics has found that construction starts in Chicago have dropped 7 percent compared to 2016, according to Crain’s Chicago Business. This is the first time in the past six years construction has not increased in the city.
Residential construction is a leading reason for the overall decrease. Spending on residential projects is expected to fall a total of 11 percent to $6.5 billion this year, according to the report.
Although residential construction seems to be dropping, there were still plenty of projects this year. This year, construction started on approximately 20,000 residential units, according to the report. Additionally, the city had a record number of cranes operating. A total of 60 tower cranes were working at once, up 400 percent from 2010.
The analytics firm predicts that construction projects in Chicago will drop another 3 percent in 2018, according to the report. The report expects that construction has peaked for the current cycle.