If you live in one of the country’s top metro areas, the presence of cranes looming over the urban landscape is a ubiquitous sight these days. In fact, the value of commercial and multifamily construction starts rose 24% in the first half of 2022 compared to the same period last year in the country’s top 20 metropolitan areas, according to Dodge Construction Network.
If you’re a tire dealer or construction company in these high-growth markets, you know the absolute necessity of cranes for raising and lowering heavy objects . . . and the importance of keeping them operating at optimum efficiency with no downtime!
That’s where the Double Coin REM-8 OTR radial, specially designed for high-speed mobile cranes, comes in. This U.S. DOT approved radial features a universal tread pattern designed to improve traction and deliver a comfortable ride, while minimizing fuel consumption. Download the REM-8 specification sheet here.
According to Dodge Construction Network as reported by ConstructionDive, commercial starts climbed 14% to $70 billion, while multifamily starts grew 24% to $69.6 billion in the first half of 2022 compared to same period in 2021. In the top 10 metro areas, commercial and multifamily starts rose a combined 28% in the first six months of 2022.
The New York metropolitan area was the top market for commercial and multifamily starts during the first half of 2022 at $15.3 billion, an increase of 20% from the first half of 2021. The Dallas, TX, metropolitan area was in second place, totaling $8.1 billion in the first six months of 2022, a 72% year-to-date gain. The Washington, D.C., metro area ranked third during the first half of 2022 with $5.5 billion in starts, a 35% gain over 2021.
The remaining top 10 metropolitan areas through the first half of 2022 were:
- Miami, FL, up 31% ($4.5 billion)
- Austin, TX, up 70% ($4.3 billion)
- Phoenix, AZ, up 53% ($4.2 billion)
- Atlanta, GA, up 68% ($4.2 billion)
- Seattle, WA, down 10% ($3.5 billion)
- Los Angeles, CA, down 14% ($3.4 billion)
- Philadelphia, PA, down 3% ($3.2 billion).
The gains were largely driven by rising demand for apartments and condos, according to the report, and a budding recovery in the commercial sector has also created more broad-based improvements around the country. Included in Dodge’s ranking are office buildings, stores, hotels, warehouses, commercial garages and multifamily housing; not covered are builds like schools, hospitals, convention centers, factories, single family housing, public works and electric utilities.
The company’s chief economist, Richard Branch, says that while “the level of projects currently in planning portends a bright second half to the year” the Federal Reserve’s fight against inflation could take a toll on the economy in the second half.
For those companies involved in the large construction projects requiring cranes and the tire dealers who service these companies, the business environment right now is very promising . . . the REM-8 radial is ready to go to work!