Chicago New Homes Construction Expected to Rise in 2013

May 12, 2013

Rise in Chicago new homesConstruction is surging forward this year, and residential projects are attributed to the 7.4 percent expected rise in construction contract volume for 2013. Contracts for Chicago-area residential and commercial construction totaled $1.3 billion in the first quarter, up 19.3 percent from a year earlier, according to a new article in Chicago Real Estate Daily. Following information from McGraw-Hill Construction, this year will see the highest total since 2008 for new construction at $7.5 billion.

Residential construction has nearly doubled in the first quarter up to $620 million. Apartment construction is surging, and developers are expected to complete more than 5,200 units in downtown Chicago by the end of 2014. Development of single-family homes and condominiums is picking up, too, and overall residential construction may rise as much as 24 percent this year. While a large portion of this is attributed to apartments and condominiums, new home sales rose 18.2 percent last year, and this is expected to carry over to single family and other detached homes.

It sounds like Chicago new home buyers have a lot to look forward to this year, and can help push the economy forward while getting great deals as the market recovers. Let us know what is on your wish list for Chicago new construction homes in the comments!

About The Author

Read All Stories By Mitch Levinson

Mitch Levinson is the author of “Internet Marketing: The Key to Increased New Home Sales” published by BuilderBooks. He is an Internet marketing expert with expertise in search engine optimization, website development, email marketing, social media and CRM consulting services. He is known for creating effective programs that can be tracked through analytics to prove effectiveness and ROI. Mitch is founder and president of MLC New Home Marketing and MLC FlatFee Realty, as well as managing partner of mRELEVANCE, LLC, a Marketing, Communication, Interactive agency with offices in Chicago and Atlanta. He currently leads the Chicago team. A Multi-Million Dollar Sales Producer who earned an MBA in Computer Information Systems and eCommerce, he brings a unique perspective and experience to the field of real estate communications. Mitch combines the two interests in order to help home builders and developers gain a competitive advantage through the Internet and technology. When he isn’t behind a computer, he enjoys participating in sports and coaching his kids’ teams. Mitch resides in Arlington Heights, Ill., a northwest suburb of Chicago, with his family, which includes two rambunctious labs. Visit my Google+ profile.

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