Construction Spending Trending Upward in Chicago
City Grill
Photo courtesy Burns & McDonnell
Tim Faber
Vice President, Transmission and Distribution, Great Lakes Region
Burns & McDonnell
Construction is faring well in Chicago, says Faber, with large regional projects happening in power, water, transportation, industrial and commercial markets. Several significant jobs also will be up for bid in the next 18 months in water infrastructure, he adds, with sector spending trending upward since the beginning of 2023. But supply chain and labor shortages persist, and inflation remains challenging “It’s unclear how the incoming administration’s actions on tariffs and immigration will affect this,” he says.
Faber also is “keeping an eye on long-term interest rates. The Federal Reserve cut interest rates for a second time in November, but this has not translated into lower long-term rates. If these come down, we expect to see more projects moving ahead early in 2025, especially with so many delays in the past year.”
Demand for power infrastructure is extremely high, he adds, with spiking energy needs and increased grid resilience putting pressure on utilities to invest additional capital.
