Source:ย Riderย Levettย Bucknallย
International property and construction consultancy firmย Riderย Levettย Bucknallย hasย released its latestย RLB Crane Indexโฏand Quarterly Cost Report.โฏTogether, the two documents provide an insightful look at the North American construction industryโฏin 14 key markets.ย
โThe pandemic-induced recession is going to have far-reaching effects,โ saidโฏJulian Anderson, FRICS, president ofย RLB North America. โLenders are less likely to support large new developments in sectors that have been hard-hit, like sports and hospitality. As construction costs soften, we are already seeing more interest in the projects that are coming online.โย
Crane Index Notesโฏย
- Cities seeing an increase in cranes include Phoenix, Seattle, Toronto, and Washington D.C.ย
- Cities with a decrease in cranes include Chicago, Denver, Las Vegas, New York, and San Franciscoย
- Toronto continues to be home toย the majority ofย total cranes counted (30ย percent), followed by Seattle (10ย percent)ย
- Residential projects account forย 40ย percent of all cranes counted, followed byย 25ย percent installed at mixed-use developmentsโฏย
- Cranes dedicated to cultural projects drop 38 percent from the previous countย
- Healthcare projects experienced a nationwide increase in active cranes ofย 38ย percentย
Quarterly Cost Report notesย
- The U.S. national average increase in construction cost in the last quarter is approximately 0.16 percent, compared to 1.3 percent year-over-yearย
- Theย U.S.ย Gross Domestic Productย reports its largest quarterly drop on record, with the annualized rate showing a 32.9 percent decreaseย
- Theย Architectural Billings Indexย rebounded to 40.0 from the previous quarterโs 33.3ย
Read the complete QCR reportย here.ย ย