Counting Cranes: Construction and Development By the Numbers
It’s a bird, it’s a plane…. it’s a (good amount of) cranes. Rider Levett Bucknall (RLB), an international property and consultancy agency, released its quarterly cost report (QCR) and Crane Index which offer insights into the status of the construction industry, thereby indicating the health of both commercial and residential development in the nation.
According to the reports, things are going and looking up, literally. Between July 1, 2017 and October 1, 2017, average construction costs across the nation increased by roughly 1%. And, when perusing the skylines, 383 cranes were tallied in January 2018, which is up .5% from the 381 accounted for in July 2017.
The cities surveyed for the data were: Boston, Chicago, Denver, Calgary, Honolulu, Los Angeles, New York, Portland, Phoenix, San Francisco, Toronto, Seattle, and Washington D.C.
Here are some of the key findings:
- Highest Crane Count:
- Toronto – 88
- Seattle – 45
- Chicago and Los Angeles – 36 each
- Sector Breakdown:
- 44% Residential
- 26% Mixed-Use
- 12% Commercial
- Highest Increase in Construction Costs:
- San Francisco – 7.63%
- Los Angeles – 7.08%
- Portland – 5.76%
The crane count stayed relatively steady in Los Angeles, Portland, Denver, New York, Boston and Honolulu. Additionally, Honolulu was the only location surveyed that has seen a decline in construction costs.
For comments, questions or concerns, please contact Daniella Soloway
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