New Construction Boom Suggests Positive Economic Outlook For Honolulu & Rest of Hawaii

Posted by Kinga Mills on Monday, August 31st, 2015 at 7:32am.

If you're worried about the new construction industry here in Hawaii, a recent report should have you feeling much better as we inch closer to the end of 2015. According to the Quarterly Statistical and Economic Report from the Department of Business, Economic Development, and Tourism in Hawaii, the number of building permits issued during the first half of this year has skyrocketed by about 37% compared with the same time period from a year ago.

Although commercial and industrial building permits have spiked 183% since this time last year alone, residential permits are also up substantially, having increased by roughly 96% year-over-year.

Consequently, construction jobs have also increased by 3% in Hawaii over the first six months of 2015, which is the second highest growth among all industries.

Also mentioned in the report is that Hawaii’s economy should remain strong over the next few years, which is not only based on national and global economics, but also the positive performance of Hawaii’s tourism industry, labor market conditions, and personal income and tax revenue growth.