Midwest City Scoop: Construction Starts in Chicago
McHugh Construction’s Michael Meagher discuss market trends
ENR – “There are three major headwinds right now. Of course the pandemic and the civil unrest that Chicago experienced are one,” Meagher says. “Then there’s real estate taxes, and then the affordable housing requirements for developers. Any one of those is challenging for construction, but all three occurring make it really challenging. Labor costs are not necessarily going down, and material prices haven’t necessarily gone down either. These factors are going to be really key. Busy markets are industrial and affordable housing right now.”
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