Toronto continues to lead crane index
By Adam FreillCommercial Construction Industrial Institutional Residential
Rider Levett Bucknall charts construction trends in cities throughout North America with Crane Report and Quarterly Cost Report.
There were more cranes over construction sites in Toronto than the other 13 key markets combined in the latest crane count report from international property and construction consultancy firm Rider Levett Bucknall (RLB). Overall, the company found a net decrease in cranes in North America since the first quarter, which aligned with a high project completion rate.
Boston and Toronto were the only cities in the report with increased crane counts in Q3, with Toronto’s 240 cranes leading all 14 centres by a wide margin. Calgary, Honolulu, New York, Phoenix, Portland and Seattle all held steady in their crane counts, and Chicago, Denver, Las Vegas, Los Angeles, San Francisco, and Washington, DC, each had their crane count figures drop more than 20 per cent.
In addition to crane count data, RLB also released its Quarterly Cost Report. Together, the two documents provide an eye-opening perspective on the North American construction industry.
With data current to mid-Q3 2023, the latest RLB quarterly cost report shows that the national average cost of construction in the U.S. rose 1.55 per cent over the previous quarter. Much like their American counterparts, prices were considerable higher in the two Canadian markets included in the report.
Calgary came in at almost two per cent higher than the previous quarter, and 5.19 per cent higher than a year earlier, and costs in Toronto rose more than 2.5 per cent for the quarter, and 8.39 per cent higher than the same quarter last year.
“The current economic situation has many feeling like they are playing a chess match with no endgame,” says Julian Anderson, FRICS, president of RLB North America. “Despite these challenges, the construction industry has been remarkably resilient. The pieces on the economic board may still be shifting, but we are continuing to make well-considered moves and are positioning us for a stronger, more secure financial future.”
Both reports are available on the RLB website.