The positive news keeps rolling in thanks to a recent report showing the Second City further increase its nation-topping lead when it comes to growth in new construction spending. The data, which came from Dodge Data & Analytics and measured spending through the end of September, saw Chicagoland invest over $5.9 billion in new real estate construction over a twelve month period—an impressive 12-month increase of 72 percent.
The increase means the Windy City has eclipsed a previous report (measured through July) in which the metro area saw year-to-date spending of $4.2 billion and a year-over-year increase of 66%. Though Chicago hasn’t quite matched New York, Houston, and Los Angeles in total construction spending this year, the Midwest city is still enjoying unprecedented gains while other top markets show signs of stagnation or even regression compared to the year before.
- Chicagoland new construction continues to lead the nation in 2016 [Chicago Agent Magazine]
- Report: Chicago area new construction spending surges in 2016 [Curbed Chicago]
- Chicago Real Estate Market Reports [Curbed Chicago]