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Development's Soaring: Over $3B of Construction Permits Issued
October 6, 2015
Chuck Sudo/Bisnow
Construction crews on the site of the Marriott Marquis McCormick Place Hotel
It seems like everywhere we turn, there's a crane in the air and development underway. Permit data from the Building Department confirms Chicago's real estate industry has recovered nicely from the 2008 market crash.
Over $3B in development projects have been given the green light from the city so far in 2015, with no signs of slowing. Development had slowed to a crawl in the immediate aftermath of the Great Recession, with significant spikes in October 2009 and March 2013.
February has led the surge this year, with 68 permits issued that month totaling over $767M in construction projects. The pipeline, it is full, folks. [CC]
