The sight of cranes on the horizon are a sure sign of an improving economy. No, I’m not talking about the flying type of crane – I’m talking about the construction type of crane (tower cranes).
I was standing on my balcony looking across the Austin, Texas city skyline and I counted ELEVEN giant stationary tower cranes (not counting the smaller, portable cranes). Though there were eleven cranes in my view, I’m well aware that there are also many more nearby that are located beyond the scope of what I can see from the vantage point of my balcony. Standing there and looking out at these massive pieces of construction equipment, it suddenly struck me that the number of cranes in a city are a good indicator of the strength of the local economy.
I did a quick Google search and found that The National Journal recently reported that there are 37 construction projects currently in progress in Washington DC. The New Zealand Herald reported that two years ago there were no cranes in Wellington and today there are six major residential projects in the area (cranes included, of course). The Financial Times recently reported that over the last few years there has been more than one crane for every square kilometer in London!
Construction Cranes are an indicator that an area’s economy is thriving. They are certainly an indicator of this in Austin which also remains #1 in job growth in the U.S. being the only city in the country with double digit job growth for several years in a row.
How many cranes do you see in your local area? How does the number of cranes compare to the local economy? I’m really interested in getting your feedback on this so please take a moment to leave your comments in the discussion forum below. Thanks!