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Chicago Ranks Third in U.S. for Construction Costs
Chicago’s the third most-expensive construction market in the U.S., behind New York City and San Francisco, JLL reported. The Midwest’s largest city also saw the region’s fastest growth in construction costs over the past 10 years, although its cumulative increase of 31.6% was lower than that of cities in other parts of the U.S.
Even as Chicago’s construction costs rose, construction starts in the city remained flat compared to the previous year, according to JLL’s Construction Outlook 2020 report. That’s in contrast to Columbus, where starts were up 39%, as well as cities in other regions, such as Boston and Tampa, FL.
JLL expects construction costs nationwide to rise modestly in 2020, between 1% and 3%. However, the report notes that the potential impact of the coronavirus on construction costs due to Chinese factory slowdowns is “a major unknown” at this point.
- ◦Economy
- ◦Development
