Chicago construction costs in Q2 increased 4.4% from a year ago, according to Mortenson Construction’s construction index. That's largely because Chicago is having its busiest commercial development year since '08. Gypsum board costs saw the highest increase at 6.1%, followed by flooring and carpeting (5%), paint and wall coverings (4.8%) and finish carpentry (4.3%). Mortenson originally projected a 4% increase in construction costs this year, but the Q2 numbers pushed their estimate to 4.5% for 2015. Mortenson's index prices a representative non-residential project in Chicago to comparable projects across the country. Chicago’s costs are in line with the national average but rising faster than other markets.
Chicago Construction Costs Rising Faster Than Expected
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Chicago construction costs
, Mortenson Construction
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