McGraw-Hill Construction, part of The McGraw-Hill Companies, has released the 2010 Chicago Construction Outlook. After enduring a 46% decline in 2009, Chicago construction starts are projected to rebound 18% to $11.5 billion in 2010, helped by a recovery in all major construction types.
Highlights of the report conclude:
- Residential construction starts will advance 38% in 2010 to $2.9 billion, led by a 70% gain in single family housing.
- As state programs and federal ARRA stimulus funding provide aid, nonbuilding construction starts will increase 17% to $4.5 billion in 2010, with the largest benefit seen in highways and bridges.
- Nonresidential construction starts will rise a modest 7% in 2010 to $4.1 billion, a slightly brighter outlook from the downslide of 66% last year.
In addition to the 2010 forecast, the report provides in-depth construction analysis by major sector, as well as construction starts for the area dating back to 2004 in more than 10 major categories, including stores and shopping centers, offices, hotels, manufacturing buildings, educational buildings, healthcare, public works, utilities, and multifamily and single family housing.