National construction costs increased an average of about 1 percent during the third quarter of 2017, according to Rider Levett Bucknall (RLB), an international property and construction consultancy.
The North American tower crane tally is holding relatively steady, according to RLB’s Crane Index. A total of 383 cranes were counted in January 2018, up two from July 2017, a 0.5 percent increase.
“Our outlook for the industry through the end of the year remains positive,” said Julian Anderson, president of RLB North America and chairman of its global board.
RLB also reported the following:
- The cities with the highest crane counts are Toronto with 88, Seattle with 45, and Chicago and Los Angeles with 36 each.
- The top three sectors in North America by crane count are residential, 44 percent; mixed use, 26 percent; and commercial, 12 percent.
- The three markets showing the biggest increase in construction costs are San Francisco, 7.6 percent; Los Angeles, 7.1 percent; and Portland, Oregon, 5.8 percent.
- The only city in the survey showing lower construction costs is Honolulu, where they fell 0.5 percent.