
Chicago Sees Year-Over-Year Surge in Construction Starts
The value of commercial and multifamily construction starts in Chicago grew 64% through the first half of 2023, the Chicago Business Journal reported, citing data from Dodge Construction Network. The surge marks an increase from the first half of 2022, which saw spending on construction starts up 7% year-over-year, according to Dodge’s data.
Dodge valued Chicago’s construction starts through the first half of the year at about $4.2 billion, ranking it seventh among the top 10 U.S. metropolitan areas, according to the Business Journal.
The top-ranking market, New York City, saw a 31% decline in the value of construction starts in the first half of the year to $10.8 billion. In Los Angeles it was up 2% to $4.3 billion during that same time period.
Altogether, Dodge found the value of construction starts was down 10% across the 10 biggest metro areas in the U.S.
- ◦Development