Toronto's 238 Cranes Lead North America in Residential Construction - Is the City Ready?
Toronto is dominating the construction scene in North America with nearly 200 more cranes than 14 other major cities, according to Rider Levett Bucknall's Crane Index. With 238 cranes in Q1 2023, the majority are devoted to residential construction, followed by commercial construction, mixed-use projects, and hospitality projects.
Toronto's crane count outpaces other cities included in the index, with Seattle at second place with 51 cranes, and Los Angeles at third with 47 cranes. Calgary, the only other Canadian city on the index, had 20 cranes.
The Crane Index monitors the number of fixed cranes on construction sites throughout North America and has found an increase of 7.04% or 34 cranes from Q3 2022. RLB anticipates that the number of cranes will remain high in 2023.
Toronto aims to build 285K new homes by 2031, leading to the vast number of cranes devoted to residential construction. Despite workforce challenges and economic uncertainties, new projects are still breaking ground within RLB's 14 key markets.
However, Toronto's construction industry is facing a significant labor shortage, with the retirement of 43K construction workers. The Government of Ontario has pledged to double the number of skilled immigrants in the province by 2025 to address this gap.
RLB's Quarterly Construction Cost Report noted that residential construction in Ontario is being replaced by large infrastructure projects, which may cause completion delays. Nevertheless, the construction sector in Ontario is expected to remain in high demand, with a growing population and infrastructure upgrades.
Toronto's construction industry is bustling with activity, with a staggering number of cranes dotting the skyline. What do you think about this rapid pace of construction? Are you excited about the prospects of new homes and infrastructure upgrades, or are you concerned about the impact on the city's labor force and resources? We'd love to hear your thoughts in the comments section below.