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Illinois Major Metro Regions Experience Year-Over-Year Decrease of (-6.3%) in Commercial Construction Activity, BidClerk 1st Quarter 2014 Data Shows
|By Business Wire
|May 6, 2014 02:01 PM EDT
For Illinois major metro regions, 1st quarter 2014, BidClerk
data showed a year-over-year decrease of (-6.3%) for new actively bid
commercial construction projects, compared to a 29.4% increase in
activity for the same period last year.
Total contract value for the 1st quarter 2014 is $5.4
billion, with an average contract value of $2.4 million, compared to a
total contract value for the 4th quarter of 2013 of $4.1 billion, and an
average contract value of $2.9 million.
For the Chicago MSA region, 1st quarter 2014 BidClerk data showed a
year-over-year decrease of (-2.1%) for new actively bidding construction
projects, compared to an increase of 28.2% in activity for the same
period last year. Private projects decreased (-5.7%), while public
projects decreased (-1.3%) in the 1st quarter 2014. Overall,
more than 1,500 projects were out-to-bid in the Chicago MSA with a total
value of $4.3 billion.
One notable project actively bidding in the Chicago MSA region is the
Lake & Forest mixed-use development. This $94 million dollar development
will house 270-unit apartments and 25,000 square feet of retail space,
in addition to a 588-space parking facility. The developer is Golub &
Co, (Chicago, IL) and the architect is Gensler (Chicago, IL). The
project will be built by Tishman Construction (Chicago, IL). (BidClerk
project number 2672822.)
For the St. Louis MSA region, 1st quarter 2014 BidClerk data showed a
(-18.5%) decrease in new actively bidding construction projects. Private
projects decreased (-15.8%) in the 1st quarter in a
year-over-year comparison. While public projects decreased (19%) in the
1st quarter 2014. Overall, there were nearly 500 projects out to bid in
St. Louis MSA with a total value of $570 million.
One notable project actively bidding in the St. Louis MSA region is the
St. Louis College of Pharmacy - New Classroom and Research Facility. It
is being built at an estimated cost of $47 million. The construction
manager is Paric Corporation (Cottleville, MO). The architect is Cannon
Design (St. Louis, MO). (BidClerk project number 2609804.)
The areas surveyed for this BCI report are all major-metro regions in
Illinois and surrounding areas, including Chicago-Naperville-Joliet, IL;
Champaign-Urbana, IL; Davenport-Moline-Rock Island, IL; Peoria, IL;
Rockford, IL; Springfield, IL, and St. Louis, MO.
Nationally, BidClerk reported on $130.3 billion in commercial
construction contracts out-to-bid in the first quarter of 2014. BidClerk
saw a decrease of (-2.09%) for the total number of commercial
construction projects out-to-bid compared to the first quarter of 2013.
This number includes both public and private work and it represents the
aggregate value of actively bidding commercial construction contract
opportunities available in BidClerk's database.
Today's new construction data was released by BidClerk, a leading
provider of construction project data and marketing tools for building
product manufacturers, contractors, and distributors. The BCI data
represents projects that actively bid in the 1st quarter 2014 and is not
a full representation of BidClerk's full project database that tracks
construction project data from the pre-construction phases through
construction put-in-place. The BidClerk Construction Index is a
quarterly data service offered at no cost to media outlets that cover
regional construction news. Members of the media may request custom
BidClerk Construction Index reports for specific counties, regions, and
states by contacting BidClerk: [email protected].
BidClerk offers an extensive range of construction project data and
marketing tools for building product manufacturers, contractors, and
distributors. Advanced analytics, superior data coverage, and cost
effectiveness set BidClerk services apart from competitors McGraw-Hill
Construction (NYSE: MHFI)
and Reed Construction Data (rel:Ln).
Find BidClerk on Twitter
More info: www.BidClerk.com
or call (877) 737-6482.
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