The skyscraper economy

Stat of the Month: 124 - The number of towers over 240m currently under construction.

by
Last Updated: 09 Oct 2013

The shadows surrounding skyscrapers are lengthening. A report suggests there is an 'unhealthy correlation' between the number of tall buildings and financial doom. The world's first skyscraper - the Equitable Life Building in New York, built in 1873 - coincided with a series of bank failures that led to a long depression. More recently, Dubai's Burj Khalifa was built as the emirate nearly went bust in 2010; and the report points to plenty more examples in between.

Yet the appetite for mega-buildings remains strong. There are 276 structures measuring above 240m in the world, and there are another 124 in the pipeline. More than half of those will be in China. Britain has no finished skyscrapers of this height but there are two under construction - the 'Shard of Glass' and the Bishopsgate Tower. The Shard will be Europe's tallest building when it is completed this year. Let's hope it's not welcomed with an almighty crash.

Source: Barclays Capital.

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