The Chicagoland construction industry has long been a booming sector, with continued strong growth in residential and commercial building projects. 2022 continued that tradition, with an estimated 8.5% growth rate between 2020-2022, and the investments in new construction projects are sure to keep the industry thriving for years.
In 2022 alone, an estimated $13.4 billion was invested in construction projects across Chicagoland, with high activity planned for office buildings and warehouses. There were also nearly 13,000 permits issued for single-family homes in 2021 alone—up from 10,500 just two years ago—and this trend continued into 2022.
Commercial construction projects across Chicagoland have been on the rise in recent years. The city has seen an influx in new investment for office buildings, warehouses, and other commercial spaces, as companies look to expand their operations and attract more customers.
Concerning residential construction, the city has seen an influx of new and existing homes entering the market, with the number of new construction projects rising significantly over the past year. From single-family homes to high-rise condominiums, there’s something for every homebuyer this year. Many of these projects are also eco-friendly, using green materials and employing energy-efficient designs for efficient living. It’s no wonder that Chicagoland is becoming a desirable place to live—the solid residential construction sector is making it easier than ever for people to find their dream home.
One area where we could see more investment is infrastructure improvements; the city of Chicago has already begun working on several large-scale updates throughout the city and its suburbs. In addition to improving existing roads and bridges, there are plans to expand public transportation routes and introduce electric buses for some routes by 2022.
Finally, now that several major events have been canceled or postponed due to COVID-19 concerns over the past three years, many of Chicago’s hospitality venues are looking into options such as outdoor dining and live-streaming events as alternatives. A new interest in open-air dining and entertainment opportunities could lead to increased construction activity in these areas as businesses try to adapt their physical spaces and strategies for engaging customers in the future.
All told, 2022 was another successful year for Chicagoland’s construction industry.
