Steady climb: The normalization of the housing market will result in more-organic growth

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...purchase to read more.

Industry Statistics & Market Size
Revenue
$954m
Annual Growth 12-17
7.1%
Forecast Growth 17-22
Profit
Employment
2,521
Businesses
772

Industry Threats & Opportunities

  • Employment within the state rose alongside household incomes, allowing residents to more easily afford rental units
  • Illinois' population has fallen because of net migration out of the state
  • The industry will experience slower growth within a normalized housing market
  • Industry Report - Industry Products Chapter

    The Apartment and Condominium Construction industry in Illinois comprises a variety of contractors that perform multifamily construction services. These services primarily include new construction, remodeling through additions and alterations and lastly, maintenance and repair services. While some industry operators may perform similar services for other industries, they primarily focus on apartments and condominiums.General building servicesGeneral building services are the primary services offered in the industry, comprising almost 70.0% of industry revenue in 2017. Within the segment, general contracting services done on land owned by others is the largest subsegment, accounting for an estimated 66.1% of industry revenue. In ...purchase to read more.

    Additional Insights for the Apartment & Condominium Construction in Illinois Industry

    IBISWorld identifies 250 Key Success Factors for a business.The most important for the Apartment & Condominium Construction in Illinois Industry are

  • Effective product promotion
  • Having a high prior success rate (including completed prior contracts)
  • Access to multiskilled and flexible workforce
  • IBISWorld analysts also discuss how external factors such as Value of Residential Construction in Illinois and Population of Illinois in the Apartment & Condominium Construction in Illinois industry impact industry performance..

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    What's in this report

    What is the Apartment & Condominium Construction in Illinois Industry?

    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.

    Industry Products
  • Building construction on owned or controlled land
  • Building construction on land customer owns
  • Remodeling contractor
  • At-risk construction management
  • Agency or fee-only construction management
  • Other services
  • Industry Activities
  • Constructing multifamily residential housing units
  • Constructing apartment complexes (high-rise and low-rise buildings)
  • Constructing condominiums (attached and detached units)
  • Constructing townhouses and duplexes
  • Constructing multiunit special-needs complexes (e.g. low-income, senior care and campus housing)
  • Construction management of multifamily building projects (home builders and general contractors)
  • Similar Industries
  • Construction
  • Land Development
  • Home Builders
  • Apartment Rental
  • Architects
  • Engineering Services
  • Residential Building Construction in California
  • Home Builders in Illinois
  • Remodeling in Illinois
  • Home Builders in Texas
  • Home Builders in Florida
  • Apartment & Condominium Construction in Florida
  • Remodeling in Florida
  • Home Builders in Massachusetts
  • Apartment & Condominium Construction in Massachusetts
  • Remodeling in Massachusetts
  • Home Builders in Ohio
  • Remodeling in Ohio
  • Apartment & Condominium Construction in Ohio
  • Home Builders in Pennsylvania
  • Apartment & Condominium Construction in Pennsylvania
  • Remodeling in Pennsylvania
  • Home Builders in New Jersey
  • Apartment & Condominium Construction in New Jersey
  • Remodeling in New Jersey
  • Home Builders in Georgia
  • Apartment & Condominium Construction in Georgia
  • Remodeling in Georgia
  • Home Builders in Michigan
  • Apartment & Condominium Construction in Michigan
  • Remodeling in Michigan
  • Home Builders in Wisconsin
  • Apartment & Condominium Construction in Wisconsin
  • Remodeling in Wisconsin
  • Home Builders in Washington
  • Apartment & Condominium Construction in Washington
  • Remodeling in Washington
  • Home Builders in Virginia
  • Apartment & Condominium Construction in Virginia
  • Remodeling in Virginia
  • Home Builders in Tennessee
  • Apartment & Condominium Construction in Tennessee
  • Remodeling in Tennessee
  • Home Builders in Missouri
  • Apartment & Condominium Construction in Missouri
  • Remodeling in Missouri
  • Home Builders in North Carolina
  • Apartment & Condominium Construction in North Carolina
  • Remodeling in North Carolina
  • Home Builders in Minnesota
  • Apartment & Condominium Construction in Minnesota
  • Remodeling in Minnesota
  • Home Builders in Maryland
  • Apartment & Condominium Construction in Maryland
  • Remodeling in Maryland
  • Home Builders in Colorado
  • Apartment & Condominium Construction in Colorado
  • Remodeling in Colorado
  • Apartment & Condominium Construction in New York
  • Table of Contents

    Industry Definition
    Main Activities
    Similar Industries
    Additional Resources
    Industry Statistics Snapshot
    Industry Structure
    Executive Summary
    Executive Summary
    Key External Drivers
  • Value of Residential Construction in Illinois
  • Population of Illinois
  • Home Price Index in Illinois
  • Homeownership rate in Illinois
  • Unemployment Rate in Illinois

  • Current Performance
  • Rental markets over the past five years
  • Operational trends
  • Chart: Revenue Growth

  • Industry Outlook
  • Residential markets
  • Operational trends
  • Table: Apartment & Condominium Construction in Illinois Industry Revenue Outlook

  • Industry Life Cycle
  • Life cycle reasons
  • Chart: Benchmarking - Apartment & Condominium Construction in Illinois Industry Lifecycle vs The Economy

  • Supply Chains
    Key Buying Industries
  • Finance and Insurance
  • Real Estate Investment Trusts
  • Apartment Rental
  • Educational Services
  • Healthcare and Social Assistance
  • Public Administration

  • Key Selling Industries
  • Architects
  • Construction
  • Construction & Mining Equipment Wholesaling
  • Industrial Banks
  • Lumber Wholesaling
  • Manufactured Home Wholesaling
  • Ready-Mix Concrete Manufacturing
  • Roofing, Siding & Insulation Wholesaling
  • Stone, Concrete & Clay Wholesaling
  • Tool & Hardware Wholesaling

  • Products & Services
  • Building construction on land customer owns
  • Agency or fee-only construction management
  • Other services
  • Remodeling contractor
  • At-risk construction management
  • Building construction on owned or controlled land
  • Chart: Apartment & Condominium Construction in Illinois Industry Products and Services Segmentation

  • Major Markets
  • Buildings with two to nine rental units
  • Buildings with 10-49 rental units
  • Buildings with 50 + rental units
  • Chart: Major Market Segmentation for the Apartment & Condominium Construction in Illinois Industry

  • Business Locations
    Chart: Business Locations by State
    Market Share Concentration
    Key Success Factors
    Cost Structure Benchmarks
  • Profit
  • Purchases
  • Wages
  • Other
  • Chart: Cost Structure Benchmarking – Sector vs Apartment & Condominium Construction in Illinois

  • Basis of Competition
    Barriers to Entry
  • Table: Barrier to Entry Checklist for the Apartment & Condominium Construction in Illinois Industry

  • Clark Construction Group LLC, Lendlease Group, Pepper Construction Group LLC, Walsh Group,
  • Table: Clark Construction Group LLC - financial performance
  • Table: Lendlease Group - financial performance
  • Table: Pepper Construction Group LLC - financial performance
  • Table: Walsh Group - financial performance

  • Capital Intensity
  • Chart: Level of Capital Intensity for the Apartment & Condominium Construction in Illinois Industry
  • Chart: Tools of the Trade: Growth Strategies for Success

  • Technology & Systems
    Revenue Volatility
  • Chart: Volatility vs Industry Growth

  • Regulation & Policy
    Industry Assistance
    Table: Industry Data for the Apartment & Condominium Construction in Illinois Industry
    Includes:
  • Industry Revenue (2008-2022)
  • Establishments (2008-2022)
  • Businesses (2008-2022)
  • Employment (2008-2022)
  • Wages (2008-2022)
  • Value of Residential Construction (2008-2022)

  • Table: Annual Percentage Change for Key Industry Data
    Table: Key Ratios for Industry Key Data
    Developer
  • An enterprise that prepares a real estate site for residential or commercial use and raises capital, gains zoning approvals and hires contractors to design, construct and develop property.
  • General Contractors
  • Contractors hired after the preconstruction phase to do the actual construction work during a project.
  • Housing Starts
  • The number of new homes under construction during a specified period of time, a key economic indicator of the health of the housing market.
  • What Our Customers Say

    Why buy this report?

    IBISWorld’s industry research report on Apartment & Condominium Construction in Illinois contains five-year forecasts and data analysis that can help you identify and mitigate risks in potential new markets. Position yourself as an expert with internal stakeholders by using our comprehensive industry research to inform your reports, proposals and presentations. Our business information will save you money by helping you make better decisions, faster.

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    This report on Apartment & Condominium Construction in Illinois:
    • Provides Market Size information to assist with planning and strategic decisions.
    • Includes the necessary information to perform SWOT, PEST and STEER analysis.
    • Helps you understand market dynamics to give you a deeper understanding of industry competition and the supply chain.
    • Analyses key performance and operational metrics so that you can benchmark against your own business, that of your customers’ businesses, or your competitors’ businesses.
    The Apartment & Condominium Construction in Illinois market research report includes:
    • Historical data and analysis for the key drivers of this industry
    • A five-year forecast of the market and noted trends
    • Detailed research and segmentation for the main products and markets
    • An assessment of the competitive landscape and market shares for major companies
    • And of course, much more

    IBISWorld reports on thousands of industries around the world. Our clients rely on our information and data to stay up-to-date on industry trends across all industries. With this IBISWorld Industry Research Report on Apartment & Condominium Construction in Illinois, you can expect thoroughly researched, reliable and current information that will help you to make faster, better business decisions.

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