International property and construction consultancy firm Rider Levett Bucknall (RLB) has released its latest Crane Index and Quarterly Cost Report, providing an eye-opening perspective on the North American construction industry in 14 key markets.

The latest RLB quarterly cost report, with data current to mid-Q3 2024, shows that the national average increase in construction costs was 1.07 percent, the lowest it’s been in the last three years. Boston, Denver, Honolulu, New York, Seattle, and Washington D.C. all experienced increases over the national average this quarter. Chicago, Las Vegas, Los Angeles, Phoenix, Portland, and San Francisco experienced gains that were less than the national average.

“Our research shows that the trend of construction cost inflation continues declining and is the lowest it’s been in three years,” says Paul Brussow, President of RLB North America. “The recent interest rate cut is good news for the construction industry, particularly the private sector. While we won’t see an immediate impact, this move is likely to encourage investment in new projects as we head into 2025.”

Image Courtesy of: Rider Levett Bucknall

Crane Index notes

• Calgary, Chicago, Honolulu, Las Vegas, Phoenix, Toronto, and Washington D.C. have seen an increase in crane counts
• Denver, Los Angeles, and New York City are holding steady in their crane counts
• Cities with a decrease include Boston, Portland, San Francisco, and Seattle

Quarterly Cost Report notes

• The U.S. quarterly national average increase in construction cost is approximately 1.07 percent, compared to 4.91 percent year-over-year
• The construction unemployment rate is 3.2 percent, down 0.7 percent from the same period last year
• The Architectural Billings Index (ABI) in August was 45.7, a continued decrease from 48.2 in July

Read the complete QCR report here.

The Crane Index is here.

About Rider Levett Bucknall

Rider Levett Bucknall is an award-winning international firm known for providing project management, construction cost consulting, sustainability solutions, and related property and construction advisory services—at all stages of the design and construction process. Rider Levett Bucknall’s North American practice has offices in 25 cities across North America. With more than 4,600 employees worldwide, Rider Levett Bucknall brings unparalleled value and service to its prestigious group of clients through its robust experience and high-level expertise. The firm enjoys a professional heritage that spans over 240 years, and it continues to be a global leader in the construction industry throughout the Americas, Africa, Asia, Europe, the Middle East, and Oceania.

For more information, visit www.rlb.com, and for the latest company news and construction cost trends, follow the firm on LinkedIn and X,  @rlbamericas.

Feature Image Courtesy of: Rider Levett Bucknall