Honolulu, HI
Honolulu – and the state of Hawaii overall – has seen a lot of construction activity over the last few months. This has coincided with a general loss of construction jobs, as COVID-19 sent many older workers into retirement.
There are new workers in training, but it will take some time before they can effectively fill the gap. The Department of Permitting and Planning has around 8,000 permits waiting for approval, which will keep labor costs high for the next few years, as these projects will have to compete for a smaller labor pool.
The number of hospitality projects is starting to rise following the lull during the pandemic, and we’re also seeing more civic projects. Hawaii residential projects are also stable, and the public sector, with potential funding from federal sources, is expected to remain stable.
