TL:DRDive Brief:
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Like many economic indicators, the number of active cranes in North America for the first quarter of 2025 suggests market hesitation to move forward with major construction projects due to economic uncertainty,according to a biannual Rider Levett Bucknall report. -
The number of cranes in key U.S. cities dropped 18.8%, or by 30 cranes.That occurred despite declining interest rates and slowing construction cost increases since the previous report in Q3 of 2024. -
Seven of the 14 North American cities surveyed experienced a crane decrease of greater than 20%, the report found, but some markets remained strong. For example, New York City and Honolulu showed new activity in residential and mixed-use developments.
Of the 12 U.S. cities in the April 2 report, only New York City counted more cranes in Q1 2025 when compared to Q3 2024. The Big Apple added four cranes to start the new year, with five of the nine total towering above the city on mixed-use developments. Additionally, the city has two large-scale residential buildings under construction, RLB’s report found, indicating a significant milestone not seen since February 2023.“This construction surge reflects the ongoing growth and revitalization of New York City’s urban landscape,” the report read.
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My Thoughts 💭
I just did an Econ post where the construction industry has a net hiring of 13,000 people and then this article talks about the amount of cranes being cut in major US cities besides the big apple. I would think this would point to a major recession coming but maybe not?
Something to monitor.