Those of us already living in Chicago know full well that new construction development is very active around town, and actually has been for quite some time. But what many of us probably don’t realize is just how much the new construction industry has bounced back since the real estate downturn that started back in 2008.
Well, according to a recent report from the U.S. Census Bureau, things are starting to become much more clearer, as housing starts around the country are at their highest level in roughly eight years, making it the strongest new construction market since 2007.
As noted in the report, single-family home construction has been especially strong in 2015, but worth noting is that the number of permits also seems to be on the decline, particularly among multi-family projects, suggesting an eventual slowdown sometime in the near future.
In Chicago specifically, new construction rentals have been red hot over the last 18 to 24 months, with an end in that trend nowhere in sight. New projects currently in the works include Block 37, Wolf Point, and countless other high-end developments all around the downtown area.
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