Can simply counting the number of tower cranes in a city become an economic barometer?
I think so!
Years back a good real estate friend advised me that when looking for neighborhoods on the rise pay close attention to the number of dumpsters in each neighborhood. The thought process is that if there are many dumpsters in a given area then there must investors moving in on the neighborhood. Seemed reasonable then and it continues to be a part of my investment equation.
So, the other day as I am driving (sitting) through the downtown Atlanta connector I am noticing the large population of tower cranes over the Midtown district. There are a couple over at Tenth St, three more over Peachtree St., and in total eleven contained within the Midtown area. Wow, eleven! Could the same dumpster analogy I was graced with years ago apply to tower cranes… why not! The Atlanta Business Chronicle thinks so; so much they have devoted a section of their news to it “Crane Watch”. Who knew? Look it up.
One certainty is that the downtown and midtown skylines are at last coming together and that can only mean economic growth in Atlanta is barreling ahead. If the business district is moving ahead then residential real estate will definitely follow.
Ah, but the real question is for how long…