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Crane Counting: The New Economic Indicator
An annual crane count is being eyed as a new way to evaluate the state of the U.S. economy. Rider Levett Bucknall’s report provides a snapshot of construction activity, but it also reflects growth and expansion occurring in a market, is predictive of hiring trends and is a useful financial gauge of the health of a city.
The crane count reached 423 this winter, and has remained steady since summer 2015 when the tally hit 429. Observers say that’s remarkable, given the headwinds U.S. markets face including rising interest rates, trade turmoil, increased material costs and a tight labor market – and another reason the count serves as an economic indicator for some.
Eight of 13 cities surveyed experienced an increase in respective crane counts, while three cities showed a decrease in counts, and two remained steady.
Seattle was the top U.S. city this year, with 59 cranes, nearly twice as many as Portland (30), San Francisco (29), and New York and Washington D.C. (28 each). New York (28) experienced a 40% increase in cranes, while Los Angeles (44) experienced a 22% increase.
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- ◦Development
