Gov. J.B. Pritzker won applause from developers and trade unions for deciding to allow construction projects to continue even as much of Illinois’ economy shut down. That has kept some of Chicago’s most anticipated skyscrapers on track, but the crushing recession that stemmed from the coronavirus pandemic has cut into demand, and some decision-makers have grown nervous.
Even though most construction will continue unabated, several major projects were halted, and whether the market endures a more severe slowdown may depend on whatever progress is made on developing a vaccine, and if Illinois suffers from a resurgence similar to what’s happening in many states in the South and West.
This year’s slowdown has been particularly acute in the residential sector, according to Dodge Data & Analytics. Residential construction starts in the Chicago metro area totaled $1.54B in 2020 through the end of May, a 35% decline from the same period last year. The decline may be accelerating. In May,…
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