Record number of cranes on the skyline

FUZO Property, Auckland, Property development, property investment, small houses, granny flatsThere have never been more cranes on the skyline, with a record 47 at work across Auckland and an additional 51 throughout the rest of New Zealand.

Is this going to rebalance the supply-and-demand equation that has been tilted so sharply towards demand? Well, it’ll certainly help, but around one in four of the cranes is constructing a commercial building and several are working on infrastructure process.

The Crane Index is one of the most fun economic indicators, along with our other favourites, the Big Mac Index for comparing purchasing power around the globe and the Guns-to-Caviar Index for comparing spending on fighter planes with spending on private planes to gauge the state of the world economy.