Paradigm Tax Group Industry News

Paradigm Tax Group Industry News

Stay informed with the most current Industry News that affects your business and impacts property taxes across the nation.

    Chicago Sets Record for Cranes in the Sky

    9 Nov, 2016

    The city of Chicago has a reached a new high for number of tower cranes in the sky. Related Midwest’s recently installed tower crane at its new Streeterville apartment building became the 33rd tower crane to go up in 2016 in Chicago, according to city officials, a post-recession record and eight more than last year. It is the 48th tower crane to operate in Chicago during 2016 – 31 more than the city saw in 2011. There are 29 tower cranes currently operating on construction sites in the city with seven more approved and pending installation.

    According to Globe St., “The tower cranes seen across Chicago’s skyline mean one thing – economic opportunities that reach neighborhoods across the city,” Mayor Rahm Emanuel said yesterday as he visited the installation. “As Chicago’s economy continues to gain strength, City Hall will continue to partner with all businesses, big and small, to keep the progress going.”  In addition to tower crane records, Chicago recently hit a five-year record high for building permits. As of October 31, 2016, the Department of Buildings issued a total of 39,815 building permits, an increase of nearly 2,000 permits as compared to the same time in 2015, or 5.2%.  City officials say they have hired eight new inspectors and two structural engineers to keep up with that increase, and expect to hire 11 additional inspectors by the end of the year.

    For the full article from Globe St., click here.

    Topics: Construction, Real Property, Multi Family, Illinois