Latest Crane Count Shows Net Decrease with High Project Completion Rate
There is a slight decline in crane numbers in the second half of 2023 as many projects approach completion. As interest rate continue to rise, private-sector construction is showing signs of slowing down.
This survey reports a nominal decrease of 10% (51 cranes) from our Q1 2023 edition of the RLB Crane Index®. Of the fourteen cities surveyed: six experienced a decrease of greater than 20%; two increased; and six held steady.
Despite the overall downward trend in crane numbers, the residential sector continues to see the most consistent growth, along with mixed-use projects, which make up 72% of the overall count. We anticipate the number of cranes to be steady for the remaining of 2023.
A few key insights:
- Boston and Toronto are the only city in our report seeing an increase in crane counts.
- Cities holding steady in their crane counts include Calgary, Honolulu, New York, Phoenix, Portland, and Seattle.
- Cities with a decrease greater than 20% in cranes include Chicago, Denver, Las Vegas, Los Angeles, San Francisco, and Washington, DC.