More “Cranes Of Dubai” In NYC

You heard it here first, Comrades!

Just back home after a week-long road trip to many major U.S. cities.

The “Cranes Of Dubai” 

As an economist, I am always looking for anecdotal evidence of how the local economy is doing.  What impressed me most was the ubiquity of building cranes, which usually symbolize a top, or closer to, the end of a cycle, than a bottom

At the peak of the building boom in 2006, the apocryphal statistic that Dubai had between 15 and 25 per cent of the world’s tower cranes was widely reported. Some said there could be as many as one tower crane for every 44 residents. But industry experts say that while such “facts” made good headlines, they were unlikely to have ever been true.   – The National

Global Macro Monitor,  August 15th

 

 

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