Hot is the only word that describes the construction boom currently going on in Chicago. Office buildings, retail businesses, condos and high rise apartments are under construction in the city, particularly along the lakeshore in the River North neighborhood. Added to that, there is no indication construction starts will slow down. Because Chicago is far from the only area experiencing a construction boom, now is a good time to become a building contractor or ensure that your license is renewed by completing the needed continuing education requirements through contractors license school.
Construction Industry Recovery From the Recession
According to Dodge Data & Analytics, only seven states haven’t seen economic growth due to construction starts since 2010. These are Alaska, New Mexico, Mississippi, Alabama, Maine, Wyoming and Arizona. In the Chicago area, there has been a 19-percent increase in commercial and residential construction projects since 2015. This translates into an estimated $14.3 billion.
Increased Interest in the Rental Market
According to “Chicago Tonight,” developers have an increased confidence in the emerging rental markets in the Chicago area. With retirees wanting to return to the city and rent instead of own and younger workers employed in the tech industry needing a place to live, the risk of building a high-rise apartment building is much lower than it was in previous years. Since it isn’t proving difficult to rent these apartments, builders are constructing one and just going on to the next apartment high-rise project. Currently, there are 44 large construction projects going on around the city.
Luxury Condo Development
The 93-story Vista Tower, which began construction in September and is destined to be the third tallest building in the city at 1,186 feet, is aimed toward the wealthy and expected to cost $1 billion dollars to construct. It will include a five-star hotel and 405 housing units priced up to $18 million each. Many less expensive buildings are also being constructed to meet demand.
Construction Where Space Is at a Premium
Chicago is already a crowded city, so it’s only logical that when an existing building is torn down, its replacement will be built in multiple stories to take advantage of the space. This is what is happening on La Salle in River North. The plan is to replace the old Howard Johnson Inn with a 35-story building consisting of 10,000 square feet of retail stores and around 300 units. This is also happening on North Wells, where a restaurant was torn down and is being replaced with a 22-story building. In place of the restaurant will be a large parking area, 12,000 square feet of retail stores and 251 apartments above them.
Construction Starts Forecast for 2017
A study by a panel of experts with the American Institute of Architects predicts that growth in the construction sector will remain positive in 2017. Their panel of experts is calling for growth of 5.6 percent with strong performances in commercial, retail and office sectors. This makes it a good time to take advantage of the upswing in building trends by getting licensed or competing your continuing education requirements to avoid a lapse in licensure.
PDH Contractor Academy can help contractors in different states complete continuing education requirements conveniently through online or correspondence courses. Besides being easier than attending a contractors license school in a particular location, you can choose when and where to study. All of our courses are preapproved by the appropriate state board and when you have successfully completed your courses, we notify the board and provide you with a copy of the completion certificate for your own records. Browse courses by state, and get started on completion of your continuing education requirements the easy way.