Set to be released next week, the latest Quarterly Cost Report and Crane Index from Rider Levett Bucknall show the North American construction industry is robust. A nearly 10% jump in tower cranes confirms the hot pace of urban building; residential and mixed-use sectors lead the activity.
“The increase in the net crane count indicates that the construction industry is prospering, despite a tight labor market and materials tariffs, said Julian Anderson, FRICS FAACE, President of RLB North America. “Our outlook for the industry through the end of the year remains positive.”
The Crane Index shows the national tower crane tally is climbing; 420 cranes were counted in July 2018, compared to the 383 in January 2018, for a difference of 9.66%. The U.S. national average increase in construction cost is approximately 1.18%.
For the third consecutive reporting period, Toronto has the highest number of cranes of all the cities surveyed in this edition of the Index: 97, an increase over the last count of
88. The market continues to be led by the residential sector, which makes up over 86% of the total crane count. Other active sectors include mixed-use and commercial developments, followed by education, healthcare, and hospitality. Looking ahead, Toronto is expected to see a boost in spending on infrastructure, which is anticipated to trigger an increase in construction activity. More than 400 high-rise projects have been proposed, adding to the city’s dynamic skyline.