Iceland Mag

8 Reykjavik

Iceland Mag

Economy

Number of construction cranes continues to go up: Still has not reached its pre-crash peak

By Staff

  • Construction cranes The number of construction cranes has increased steadily since 2010. Image/Iceland Magazine

Based on the "Construction Crane Index" the Icelandic economy continued to expand in 2017. A total of 303 construction cranes were inspected by the Administration for Occupational Safety and Health last year, nearly a 10% increase over the year before. The number of construction cranes has not yet reached the 2017 pre-crash peak. In 2007 364 construction cranes were in operation in Iceland.

Read more: Reykjavík City places curbs on new hotel construction: No more hotels downtown

The number of construction cranes is often used as an indicator of the economic condition. The high number of construction cranes in Reykjavík during the Icelandic "Financial Miracle", which came to an end in the 2008 financial crash, was used as sure evidence the Icelandic economy was experiencing a bubble. 

Judged by this metric the Icelandic economy is still in a relatively good position, as the number is almost 20% lower than at the pre-crash peak. In 2008 the number of construction cranes had dropped to 310. By 2009, when Iceland was deep in recession the number had dropped to 155, and continued to drop until 2010, when only 1113 construction cranes were in operation in Iceland, the lowest number since the 1990s.

Since 2011 the number of construction cranes has increased steadily. 

 

 

Related content

Editor's Picks