CHICAGO -- (BUSINESS WIRE) -- 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: BCI@bidclerk.com.
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).
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