RESIDENTIAL CONSTRUCTION Ӏ SECTOR REPORT
HOUSING BENEFITS
The world’s population is growing. Housing is in demand, and a wide range of crane types are being used to help meet this demand. Christian Shelton reports.
The world’s population is currently estimated at around 8.1 billion people. And this number is rising fast, with a predicted annual growth rate of around 1.25 percent. All these people all need somewhere to live. The world is, of course, a diverse place with people living in a wide range of different forms of housing. As such, a variety of different crane types are being used to help build such a range of residences. Using the North American
construction market as an example,
the sheer scale, and dominance, of the residential construction market (in developed countries, at least), compared to other types of construction, is illustrated by data from research GlobalData (sister company of Cranes Today’s publisher, PMI). See Figure 1. Despite fluctuations from year-
Figure 1:
Residential construction
dominates the NA market in terms of output value
to-year, due to macroeconomic factors dictated by things such as high inflation or elevated mortgage rates, it is clear that the residential construction sector, in terms of output value, stands head
and shoulders above other the construction categories.
NEED FOR SPEED In Europe one of the most common cranes used on residential construction jobsites are fast- erecting tower cranes. Their rapid erection, ease of transport, small footprint and all-round versatility make them well-suited to building both detached and multi-occupancy houses. And for these reasons this crane type is becoming increasing popular in
Construction market value by sector, 2023-2028, US & Canada, Source: Global Data
Commercial construction Infrastructure construction
Output Value (real) (million US$)
Energy and utilities construction Institutional construction
Industrial construction Residential construction
2023
2024
2025
2026
2027
2028
16 CRANES TODAY
$348,374.66 $418,342.22
$167,704.74 $252,104.95 $238,487.74
$1,117,181.10 $360,109.55 $458,279.81 $177,120.38
$278,309.03 $250,239.59
$1,061,755.45 $364,161.26 $490,059.92 $165,788.25
$304,846.21 $258,371.07
$1,074,631.21 $369,975.74 $526,579.13 $160,694.49
$336,378.10 $266,279.80
$1,092,267.94 $377,580.08 $565,123.60 $163,324.19 $373,5219.28
$274,106.68 $383,291.71
$167,075.92 $415,762.87 $281,482.95 $1,143,022.33 $1,116,300.77 $603,954.17
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