Construction is booming in Chicagoland right now! In fact, according to a new survey by MetroStudy looking at the third quarter of 2015, the rate of construction is at its highest annual level since the third quarter of 2008. The 12-month period, which ended in the third quarter of 2015, included starts of more than 6,100 new units. These included townhomes, duplexes and single-family, detached homes.
In addition, the trend is looking positive for both home starts and home sales. While the number of home starts is up nearly 10 percent when comparing those started in third quarter of 2014 to the same time period of 2015, the number of closes is down about five percent comparing the two time periods of 2014 and 2015. Still, 2014 had the most closures of all quarters dating back to 2008.
With an increase of building and lower traffic, MetroStudy is estimating we should finally start seeing inventory levels begin to rise. The question that remains to be answered, though, is whether Chicago will see an uptick in construction of affordable units.