CHICAGO, Ill. – With supplies of some key materials, equipment and labor tightening, Mortenson Construction has raised its estimate for nonresidential construction cost increases in Chicago, Illinois, for 2017 from 4 percent to 4.5 percent, the highest among the major markets that the national builder and developer tracks. This year’s increase follows a 2016 jump of 4.3 percent in Chicago, according to the Mortenson Construction Cost Index. “Chicago construction activity initially lagged other markets in recovering after the 2008 recession, but it has gradually caught up and is strong now,” said Dennis McGreal, chief estimator for Mortenson Construction’s Chicago office. … Read more