Takes me for freaking ever.
Definitely elapsed weeks, although I don't have all that much playing time on a daily basis, so it's probably not all that huge in terms of hours.
The caps/jerseys/logos always takes quite a while, and then once I have all of the structure set I do a number of "test runs" where I sim for 10+ years and poke around, just to see if there is anything super-out of whack like errors or numbers looking strange.
I think I get more enjoyment out of the building process than I do actually playing, because I inevitably lose steam once I start playing, and then start from scratch with the next version of the game.