Mar
07

New Projects Have Chicago Construction Industry Looking Up

March 07, 2014

New Construction in ChicagoNew projects forging ahead like the 60-story luxury rental tower at 111 W. Wacker Drive are helping the construction industry climb back up and proving that Chicago’s real estate recovery is real.

Calls for workers and for materials in everything from construction supplies to safety materials are getting companies that had all but given up back into the game. Scaffolding and roofing companies are seeing a rise in business where before there wasn’t any budget for maintenance on roofing or scaffolding protection of pedestrians while nothing was being built. Signed contracts for development hit their highest level in five years in 2013, and construction companies are hoping for a gradual bounce back that will lead to better overall prosperity. Builders of apartment towers in downtown are spending far more on contracts this year, as much as 53 percent according to Crain’s Business.

Still, hearing that major commercial construction companies like W.E. O’Neil, for example, are now bidding for $40 million to $60 million in work (instead of chasing $10 million to $12 million contracts during the recession’s depths) is impressive and speaks well for the economy as a whole making the climb back up.

This great news makes us curious as to how we will see more growth this year in the resale markets, too; as we fight through the snowdrifts toward spring and summer and the traditional homebuying season. What do you think of this growth – just right? Not fast enough? Let us know 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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