International property and construction consultancy firm Rider Levett Bucknall (RLB) has released its latest Crane Index and Quarterly Cost Report. Together, the two documents provide an eye-opening perspective on the North American construction industry in 14 key markets.
According to the Crane Index, the beginning of 2024 has shown a continued downward trend in cranes counts, as many projects approach completion at a slower rate than new projects are breaking ground. The report noted that the majority of the cranes continue to be stationed at residential or mixed-use projects, making up 73 per cent of the overall count.
This reports revealed a decrease of 9 per cent from the Q3 2023 edition of the RLB Crane Index. It noted that cranes are down 18 per cent from the same time last year and of the fourteen cities surveyed: seven experienced a decrease of greater than 20 per cent; three increased; and four held steady.
Despite the continued downturn in cranes, RLB noted that they remain cautiously optimistic. They predict that ongoing investment in manufacturing and infrastructure will help offset any decline in privately funded projects in 2024. According to RLB, overall, construction spending will be driven by public funding for manufacturing and infrastructure projects.
Crane Index notes:
Quarterly Cost Report notes: