Phoenix – International property and construction consultancy firm Rider Levett Bucknall (RLB) has released its latest Crane Index and Quarterly Cost Report. Together, the two documents provide a perspective on the North American construction industry in 14 key markets.
With data current to mid-Q3 2022, the latest RLB quarterly cost report shows that the national average increase in construction costs was approximately 2.24% for the quarter with Chicago, Phoenix, Portland, and Seattle all experiencing increases over the national average this quarter. Boston, Denver, Honolulu, Las Vegas, Los Angeles, New York, San Francisco, and Washington, D.C. experienced gains less than the national average. Overall commercial construction activity has remained strong, although profit expectations may be hampered by continued inflation and higher staffing costs.
Crane Index Notes
- Cities seeing an increase in cranes include Boston, Denver, Honolulu, Las Vegas, Phoenix, Portland, Los Angeles, New York, and Seattle
- Cities holding steady in their crane counts include Washington D.C.
- Cities with a decrease in cranes include Calgary, Chicago, Los Angeles, San Francisco, and Toronto
Quarterly Cost Report Notes
- The U.S. quarterly national average increase in construction cost is approximately 2.24%, compared to 1.51% year-over-year
- The construction unemployment rate returns to pre-pandemic numbers of 4.6%, down from 7.5% in Q2 this time last year
- The Architectural Billings Index (ABI) returns to a modest pace of 53.2.
