Illinois & Regional Major-Metro Markets Experience 36.6% Increase for New Construction Projects Year-Over-Year, BidClerk Data Shows
For major-metro regions in Illinois and surrounding areas, including Chicago-Naperville-Joliet, Champaign-Urbana, Davenport-Moline-Rock Island, Peoria, Rockford, Springfield, and St. Louis, the BidClerk Construction Index™ (BCI) reports that combined public and private construction increased 36.6% in the third quarter 2012 compared to the same quarter a year ago.
In the same year-over-year comparison, public construction projects that were actively bidding in the third quarter 2012 increased 40.8% compared to the same period one year ago. Private construction projects increased by 23.6% in the same period.
In a quarter-over-quarter analysis for 2012, there was a modest increase of 3.3% in combined public and private construction activity from the second quarter to the third quarter. Private projects experienced a slight decline of (-9.9%), while public sector activity climbed 7.8%.
The Chicago region experienced a 45.3% increase in combined public and private sector construction compared to one year ago, with private sector activity rising 17.2% and public sector activity rising 55.8% over the same period in 2011.
In a quarter-over-quarter analysis for Chicago, there was a third quarter 2012 increase of 7.0% in combined public and private construction activity compared to the second quarter 2012. Private construction activity decreased (-12.3%) for the third quarter 2012 compared to the previous quarter, but public projects rose 14.2% in the same quarter-on-quarter analysis.
In the St. Louis region, a year-over-year analysis revealed an increase of 29.7% in combined, actively bidding private and public construction projects compared to the same period in 2011. Private and public construction activity rose 48.0% and 23.7%, respectively. In a quarter-on-quarter analysis, the St. Louis region saw an increase of 13.9% in the third quarter 2012 for combined public and private projects compared to the second quarter 2012. Third quarter 2012 private sector projects increased 2.8% and public sector projects also increased 19.0% compared to second quarter 2012.
The regions surveyed by the BCI include Chicago-Naperville-Joliet, Champaign-Urbana, Davenport-Moline-Rock Island, Peoria, Rockford, Springfield, and St. Louis.
Nationally, BCI found that combined public and private construction projects that were actively bidding increased 3.0% in the third quarter of 2012, compared to the same quarter a year ago. BCI also found that third quarter 2012 public construction increased modestly, rising just 0.2%, while third quarter 2012 private construction jumped 12.3%, year-over-year.
Today's new construction project data was released by BidClerk, a leading provider of construction project data and marketing tools for building product manufacturers, contractors, and distributors. 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: BCI@bidclerk.com.
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John D. Wagner, 919-796-9984