The shade of a tree can cool you on a hot day — and it can do the same for your air conditioner.
As one of the markets taking its time to come out of the housing crash, the light seems to be getting brighter at the end of the tunnel for the Chicago real estate market. According to a recent report released by Dodge & Data Analytics, residential construction in Chicago increased in June and for the first part of the year compared with numbers seen the year prior.
Dodge & Data Analytics released its report July 28 with June statistics throughout the metropolitan statistical area of Chicago, which includes Cook, DeKalb, DuPage, Grundy, Jasper, Kane, Kendall, Kenosha, Lake, McHenry, Newton, Porter and Will counties in Indiana, Wisconsin and Illinois.
Total building dollars was unchanged for the month of June, the report says, but much of the heat came from the fall in nonresidential construction activity. In 2015, the total dollar amount was reported at $731,423,000 for nonresidential construction in the month of June. This figure dipped to $551,648,000 in 2016, representing a 25 percent annual dip.
Residential construction, however, was able to pick up the slack. This sector of the market increased 43 percent annually to $590,220,000, compared with $412,410,000 in 2015.
On a year-to-date basis, residential construction increased even more annually in 2016. Dodge & Data Analytics reported a total of $2,164,255,000 spent on residential construction in 2015. That figure jumped 54 percent to $3,330,526,000 this year.
According to the report, residential construction includes both single-family homes and multi-family housing. Nonresidential includes office space, retail, hotels, warehouses, manufacturing, educational facilities, healthcare spaces, recreational buildings and more.