The 2025 first-quarter crane count holds steady, reflecting the market’s overall hesitation to move forward with major construction projects due to economic uncertainty. Interest rates have declined, and the rate of construction cost increases has slowed since the previous issue.
Cities like New York and Toronto have tipped the scales toward a steady crane count, despite seven of the 14 cities surveyed experiencing a decrease of cranes larger than 20%.
Of the fourteen cities surveyed: seven experienced a decrease of greater than 20%; two increased; and five held steady.
Despite this downturn, certain markets remain strong, with Toronto, New York City, and Honolulu showing new activity, particularly in residential and mixed-use developments.
A few key insights:
- Crane counts have increased in New York City and Toronto.
- Boston, Calgary, Honolulu, Los Angeles, and Las Vegas are holding steady in their crane counts.
- Cities with a decrease of more than 20 percent include Chicago, Denver, Phoenix, Portland, San Francisco, Seattle, and Washington D.C.
FURTHER INFORMATION:
