Honolulu2018-09-26T12:40:59+00:00
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Honolulu

Construction volume in the Honolulu area is expected to increase 7.1% in 2018 after a whopping 43% increase in 2015, an 18.8% decrease in 2016 and a 2.2% increase in 2017.

Furthermore, there are several multibillion-dollar projects in planning, including the $4.0B Ho’opili Masterplanned Community in Kapolei. Labor and subcontractor capacity has struggled to keep up with the demand. The unemployment rate on Oahu in May dipped to an extremely low 1.9%. Although there has been an increase in construction volume demand, the number of construction workers on the island has declined, from a recent peak of 28,800 workers in July 2017 to 26,600 in May 2018. The cause of decline appears to be the cost of living in Hawaii causing workers to leave the island, as well as the lack of new workers entering the trades. The healthcare and education sectors will lead the growth for the next two years. Healthcare will grow at an average rate of 1.7% annually while education construction is expected to increase 4.9% average annually over the next two years. There are several large projects in the pipeline, including the Ho’opili Master-Planned Community ($4.0B), Ko Olina Atlantis Resort ($2.0B), and the Hunt Kalaeloa ($1.3B).

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Cumming Insights - Construction Market Analysis