Crane count reports 9% decrease from previous edition and 18% decrease year-over-year
The beginning of 2024 shows a continued downward trend in cranes counts, as many projects approach completion at a slower rate than new projects are breaking ground. Majority of the cranes continue to be stationed at residential or mixed-use projects, making up 73% of the overall count.
This survey reports a decrease of 9% (43 cranes) from our Q3 2023 edition of the RLB Crane Index¨. More notably, cranes are down 18% from the same time last year (a difference of 94 cranes). Of the fourteen cities surveyed: seven experienced a decrease of greater than 20%; three increased; and four held steady.
Despite the continued downturn in cranes, we remain cautiously optimistic. Ongoing investment in manufacturing and infrastructure will help offset any decline in privately funded projects in 2024. Overall, construction spending will be driven by public funding for manufacturing and infrastructure projects.
A few key insights:
- Calgary, Las Vegas, and Los Angeles have seen an increase in crane counts
- Honolulu, Phoenix, Seattle, and Toronto are holding steady in their crane counts
- Cities with a decrease of more than 20% include Boston, Chicago, Denver, New York City, Portland, San Francisco, and Washington, DC
FURTHER INFORMATION:
