Markets & Reports
North America commercial projects down, but Toronto remains strong
October 26, 2023 By Don Horne
The total number of cranes on commercial projects in North American cities decreased 10 per cent, or by 51 cranes, from the first quarter to the third quarter of 2023, according to Rider Levett Bucknall’s Crane Index.
Of the 14 cities surveyed, six saw the number of cranes drop by more than 20 per cent and only two experienced increases.
However, Toronto continued to lead all cities with 240 cranes, a slight increase and over nearly 200 more than any U.S. city measured. Domestically, Seattle led the way with 45 cranes, followed by Los Angeles with 30 and Denver with 24.
RLB attributed the decline to projects approaching completion. In addition, as interest rates continue to rise, private-sector construction shows signs of slowing, the report said.
Toronto continued to lead all cities with 240 cranes, a slight increase and over nearly 200 more than any U.S. city measured. Domestically, Seattle led the way with 45 cranes, followed by Los Angeles with 30 and Denver with 24.
Residential cranes accounted for much of Q1’s count, but in Q3 there were 13 per cent fewer in the surveyed cities. Nonetheless, RLB said residential cranes saw continued consistent growth, along with mixed-use projects, which made up 49 per cent and 23 per cent of the count, respectively. Commercial cranes counted 12 per cent of the total.
Boston saw the biggest percentage increase, up 122 per cent as it leapt from nine to 20 cranes. Cities that saw drops include Los Angeles (-17), Denver (-12), Washington, D.C. (-8), San Francisco (-6), Chicago (-5), Las Vegas (-3), Honolulu (-2), New York City (-2) and Phoenix (-2).
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