Construction Costs Trends in Chicago - June 2022

[Frank S.]

Hi BP Heads,

I have a duplex down, kitchen, bath,  and garage project in mind in the north area ( I had been postponing for a few years) and kitchen/bath, aesthetics renovation in Little Village.

Have the construction costs cooled a bit based on the increased rates or is this still too early to notice?  I recall wood, and everything else, was very pricey last year.  Contractors were super busy - hence, higher rates.    E.g., I had a 30/hr carpenter that is now asking 60/hr. He is not worth 60/hr.

I received a few leads for architects and contractors, and I am open for more leads, but constructions costs are making me scratch my head.  

What does your crystal ball tell you about Chicago costs?

Thanks, 

Frank