November 29, 2016 Comments Off on JLL Report: Construction Will Contract Views: 328 Illinois, Midwest, National News

JLL Report: Construction Will Contract

Construction proved to be very strong across all product types in Q3 2016. Twelve million square feet delivered during the quarter, with developers breaking ground on more than 20 million square feet, according to data from JLL. In its “United States Construction Outlook” report, JLL noted that the total pipeline is 101 million square feet, with 65% of the total in 10 markets.

But change is coming. The report pointed out that the economy is starting to show signs of slowing growth after seven years of expansion. As financiers, developers and contractors are more cautious, new starts are expected to slow. Additionally, a labor lack continues to challenge the industry, with labor costs expected to increase well into 2017.

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