New Crane Index, Quarterly Cost Report from Rider Levett Bucknall

Rider Levett Bucknall has released its latest Crane Index and Quarterly Cost Report, providing a perspective on the North American construction industry in 16 key markets (formerly 14; Miami and Nashville have been newly added to the Quarterly Cost Report).

The latest RLB quarterly cost report, with data current to mid-Q1 2025, shows that the national average change in construction costs was .98% in Q1, which was down from 1.11% in Q4; congruently, the year-over-year rate is 4.35%, down from 5.86% this time last year. Boston, Chicago, Honolulu, Portland and Seattle experienced increases in construction costs over the national average this quarter, while Denver, Las Vegas, Los Angeles, Nashville, Miami, Phoenix, San Francisco and Washington, D.C. experienced gains less than the national average.

“While the media focuses on potential tariff wars and inflation spikes, our research presents a clearer, more measured view,” says Paul Brussow, President of RLB North America.  “Economic shifts have yet to significantly impact construction and project costs, and though broader factors may eventually play a role, I feel the true challenge is rising labor costs. We will continue to rely on careful analysis based on reliable data to guide successful decision-making. I am confident in the industry’s resiliency; challenges will arise, and we will adapt.”

Crane Index notes

• Crane counts have increased in New York City and Toronto.
• Boston, Calgary, Honolulu, Los Angeles and Las Vegas are holding steady in their crane counts.
• Cities with a more than 20% decrease include Chicago, Denver, Phoenix, Portland, San Francisco, Seattle and Washington, D.C.

Quarterly Cost Report notes

• The U.S. national average increase in construction cost is approximately 0.98% in Q1, compared to 1.11% in Q4
• The construction unemployment rate is 5.4%, down from 5.7% during the same period last year
• The Architectural Billings Index in January was 45.6, a slight increase from 44.6 in December