Toronto continues to lead Crane Index – On-Site Magazine

The crane counts were on the rise in the two Canadian cities included in the latest Crane Index released by international property and construction consultancy firm Rider Levett Bucknall (RLB).

Toronto saw three cranes added to its skyline over the past six months, bringing the total to 83 in the core area. The residential sector continues to lead with 43 cranes, an increase of 11, while the mixed-use sector decreased to 26 cranes. These latest figures reflect an updated radius for crane counting in the Greater Toronto Area, putting greater focus on the downtown core area, which has the highest density of construction projects.

Calgary experienced a 20 per cent increase in crane numbers, up to 24 cranes, signaling significant growth in capital projects. Major developments include the $1.2 billion Calgary Events Centre and the $1.2 billion Future Energy Park project.

Along with cranes going up, so too have costs, reports RLB in its Quarterly Cost Report, which provides a look at the North American construction industry in 14 key markets, including Calgary and Toronto. July’s construction costs were up 6.57 per cent compared to a year earlier in Calgary. Toronto was not far behind, posting a 6.39 per cent year-over-year increase.

The report authors suggest that Alberta is poised to lead Canada in economic growth in 2024, with a projected GDP growth of 2.5 per cent in 2024 and 2.7 per cent in 2025, surpassing national rates. This growth is driven by an expanding energy sector, heightened by increased export capacities and rising oil prices.

Meanwhile, says RLB, Ontario’s construction sector is benefitting from both public and private investments, including $970 million for water infrastructure, billions of dollars in EV factory investments, and more than $30 billion in significant projects underway in the province, according to Infrastructure Ontario tracking.

“The recent interest rate cut is good news for the construction industry, particularly the private sector,” added Paul Brussow, president of RLB North America. “While we won’t see an immediate impact, this move is likely to encourage investment in new projects as we head into 2025.”

www.rlb.com

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