🏗 CRANK IT UP: CRE stats. Sports stats. Both ensure integrity, status and activity. How about construction #crane stats? That’s a whole different ball game.
🏗 As we all face a hurry-up-and-wait situation with supply not meeting demand for CRE properties, The Rider Levett Bucknall’s (RLB) Crane Index is an interesting way to keep the CRE finger on the pulse of the construction industry.
🏗 The crane index for North America tracks the number of operating tower cranes in 14 major cities across the U.S. and Canada. Created 10 years ago, it shows the state of the construction industry and the country’s economic health. Interesting way to gauge business progression and changes in employment and labour markets too.
🏗 According to the RLB Crane Index, Toronto has been the crane capital of North America since July 2015. Of the GTA’s 230 cranes in August 2022:
126 = Residential
41= Commercial Bldgs
35 = Mixed-use Bldgs
11 = Hospitality buildings
17 = Education, Public/civic & Transportation Buildings, Health-care & Sports Facilities and one was for an industrial building.
🏗 The number of cranes in the GTA dropped from 252 to 230, due to staffing challenges from work stoppages, and a decline in new condo sales and mixed-use projects. It’s time to crank up production. Let’s go!