The North American construction industry is in healthy shape, finds Rider Levett Bucknall’s upcoming Crane Index, which will be released later this week. According to the Index, a nearly 10 per cent increase in tower cranes nationally confirms the fast pace of urban building, with residential and mixed-use sectors leading the activity.
“The increase in the net crane count indicates that the construction industry is prospering, despite a tight labour market and materials tariffs,” said Julian Anderson, president of RLB North America, in a press release. “Our outlook for the industry through the end of the year remains positive.”
The Crane Index shows the national tower crane tally is increasing. In July 2018, there were 420 cranes counted, compared to the 383 counted in January 2018, for a difference of 9.66 per cent. The U.S. national average increase in construction cost is approximately 1.18 per cent.
Meanwhile, Toronto has the highest number of cranes across all the cities surveyed for this edition of the index for the third consecutive reporting period. In January 2018, the number of cranes sat at 88, and increased to 97 in July 2018. The residential sector continues to lead the market, accounting for over 86 per cent of the total crane count, followed by mixed-use and commercial developments, education, healthcare and hospitality.
Going forward, Toronto is expected to see an increase in spending on infrastructure, which is anticipated to cause an increase in construction activity. In addition, over 400 high-rise projects have been proposed in the city.