Apartment & Condominium Construction in Illinois
Over the five years to 2017, the Apartment and Condominium Construction industry in Illinois has experienced robust growth. Much of this growth can directly be tied to the recovery of residential markets following historical declines during the recession. During the current five-year period, moreover, the economic condition of Illinois has improved. With higher economic activity during the period, employment within the state rose alongside household incomes, enabling residents to more easily afford rental units. Over the next five years, continued improvements in the state's economy and rising property values will continue to encourage investment in residential construction activity. Most of this investment will be in single-family homes, as homeownership rates are set to rise alongside housing starts.
This industry comprises general contractors responsible for constructing new multifamily residential units, including high-rise apartments, townhouses, condominiums and medium-to-high density units (i.e. units not separated by a ground-to-roof wall). All of the complexes may be constructed for sale as condominiums or cooperatives or used as rental apartments. This industry does not include speculative builders or contractors who build on their own account for sale.
This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.
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