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 an eye-opening 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 percent 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, DC 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 percent, compared to 1.51 percent year-over-year
- The construction unemployment rate returns to pre-pandemic numbers of 4.6 percent, down from 7.5 percent in Q2 this time last year
- The Architectural Billings Index (ABI) returns to a modest pace of 53.2.
About Rider Levett Bucknall
Rider Levett Bucknall is an award-winning international firm known for providing project management, construction cost consulting, 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 21 cities across North America. With more than 4,000 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 230 years, and it continues to be a global leader in the construction industry throughout the Americas, Africa, Asia, Europe, the Middle East, and Oceania.