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Despite increasing costs, Phoenix continues to see 'explosive' construction growth

TSMC construction work.jpg
Posted at 9:13 AM, Oct 13, 2021
and last updated 2021-10-13 12:39:55-04

PHOENIX — While the total number of construction cranes over downtown Phoenix decreased from the end of the first quarter to the end of the third, the count is not indicative of the “explosive growth” other areas of the Valley are experiencing, one expert said.

Only two construction cranes towered over central Phoenix at the end of the third quarter, according to the Rider Levett Bucknall crane index, which is done twice a year. However, the count only includes a six-mile radius from Central Avenue and Washington Street.

Scott Macpherson, executive vice president at Rider Levett Bucknall, said areas such as Tempe, the area around the Mayo Clinic and the Taiwan Semiconductor Manufacturing Co. plant site in north Phoenix, all of which are outside the radius for the count, represent major economic development growth in the Phoenix metro.

Phoenix’s construction cost increases slowed down slightly in the third quarter after a spike in the second quarter, according to RLB research.

According to RLB’s quarterly construction comparative costs index, Phoenix’s costs increased about 6.6% from June 2020 to June 2021.

Read more of this story from the Phoenix Business Journal.