
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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