Residential Builders Are Coming Back To Life Across Chicagoland
The coronavirus suppressed construction activity in the Chicago metro area throughout 2020, but 2021 saw a recovery, at least for the residential sector. The pandemic didn’t stop renters from showing up at new multifamily properties, and that has given builders the confidence to keep breaking ground.
Construction starts on residences through the end of October across Chicagoland totaled about $4.4B, compared to $3.4B during the same period in 2020. That marks a 27% boost for the year, according to a November report from Dodge Data & Analytics.
In contrast, the nonresidential sector suffered a steep decline in 2021, the firm found, as many developers shied away from launching new offices, retail and hotels. Construction starts for nonresidential properties totaled nearly $4.7B so far this year, a drop of about 36% from the same time in 2020, when such starts totaled about $7.3B, according to Dodge researchers.
The firm tracked construction activity throughout Cook County and in 12 other counties across Illinois, Wisconsin and Indiana. Nonresidential buildings include office, retail, hotels, warehouses, manufacturing, educational, healthcare, religious, government and recreational buildings. Residential buildings include single-family and multifamily housing.
