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Chicago & Midwest  + South Side  + Apartments  | 

Construction Ebbs for the Second Year in a Row

For the second year in a row, construction activity in the Chicago area is down on a dollar volume basis, Crain’s Chicago Business reported. Overall dollar volume is expected to decline 5.8% compared to 2017.

Citing data from Dodge Data & Analytics, Crain’s reported that although nonresidential construction is projected to go up 8% for 2018, residential construction is expected to see a 20% decline. A major factor is a drop in the number of mega-apartment projects that broke ground this year.

Last year, 2017, saw year-over-year declines in both nonresidential and residential construction of 5% and 16%, respectively. Total construction for this year is projected at $11.56 billion.

The South Side is home to two of the biggest construction starts this year: the expansion of Midway International Airport (pictured), valued at $130 million; and the University of Chicago’s Woodlawn Residential Commons. The biggest start is Riverside’s 110 North Wacker Dr.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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