Research & Economic Analysis

4th Quarter 2024 Report

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The indicators of Hawaii’s construction industry were largely positive in the third quarter of 2024. Construction jobs, state government CIP expenditures, and government contracts awarded increased in the quarter compared to the third quarter of 2023. Private building authorizations decreased slightly for the state overall. Authorizations increased in Honolulu County but decreased in Hawaii County, Maui County, and Kauai County compared to the third quarter of 2023.

In the third quarter of 2024, the number of jobs in the construction sector increased by 12.0 percent or by 4,600 jobs compared with the same quarter of 2023. In the first three quarters of 2024, the construction sector added 3,500 jobs or 9.2 percent (Table A-7) compared to the same period of the previous year.

In the third quarter of 2024, private building authorizations in the state decreased $3.5 million or 0.3 percent, compared with the third quarter of 2023 (Table E-8). In the first three quarters of 2024, private building authorizations in the state increased $514.6 million or 18.6 percent compared with same period of 2023.

In the third quarter of 2024, private building authorizations in Honolulu County increased $152.3 million or 26.0 percent, compared with the third quarter of 2023 (Table E-8). In the first three quarters of 2024, private building authorizations in Honolulu County increased $730.0 million or 52.3 percent, compared with the same period in the previous year.

In the third quarter of 2024, private building authorizations in Hawaii County decreased $31.8 million or 16.9 percent, compared with the third quarter of 2023 (Table E-8). In the first three quarters of 2024, private building authorizations in Hawaii County decreased $0.4 million or 0.1 percent, compared with the same period of the previous year.

In the third quarter of 2024, private building authorizations in Maui County decreased $106.1 million or 49.1 percent, compared with the third quarter of 2023 (Table E-8). In the first three quarters of 2024, private building authorizations in Maui County decreased $189.8 million or 31.9 percent compared with the same period of the previous year.

In the third quarter of 2024, private building authorizations (residential only) in Kauai County decreased $18.0 million or 45.2 percent, compared with the third quarter of 2023 (Table E-8). In the first three quarters of 2024, private building authorizations in Kauai County decreased $25.2 million or 22.3 percent compared with the same period of the previous year.

In the third quarter of 2024, government contracts awarded increased $1,835.1 million or 621.0 percent, compared with the third quarter of 2023 (Table E-1). In the first three quarters of 2024, government contracts awarded decreased $1,314.8 million or 30.7 percent compared with the same period of the previous year.1 State government CIP expenditures increased $37.7 million or 10.8 percent in the third quarter of 2024 compared with the same quarter of 2023. In the first three quarters of 2024, state government CIP expenditures increased $229.2 million or 23.6 percent from the same period of the previous year (Table E-2).

The Honolulu Construction Cost Index for Single Family Residence (Table E-6) increased 3.2 percent in the third quarter of 2024 compared to the same quarter of 2023 and similarly increased 2.5 percent for High-Rise Building (Table E-7). In the first three quarters of 2023, the index for Single Family Residence increased 3.6 percent and 3.2 percent for High-Rise Building as compared to the same period of the previous year.

Average home prices increased by 9.2 percent in the third quarter of 2024, with single family home prices up by 6.9 percent and condo prices up by 12.0 percent over the same quarter of the previous year (Table E-11). The purchase of homes increased by 4.3 percent for local buyers, by 3.4 percent for mainland buyers, and by 8.0 percent for foreign buyers over the same quarter of the previous year (Table E-10).

In the third quarter of 2024, Honolulu’s median price for single family resales was $1,125,000, up $51,250 or 4.8 percent over the same quarter of 2023 (Table G-29). The median price for condominium unit resales was $506,000, down $5,000 or 1.0 percent (Table G-33). In third quarter of 2024, the number of single-family unit resales in Honolulu increased 4.4 percent, while the number of condominium unit resales decreased 5.2 percent over the same quarter of 2023 (Tables G-37 and G-41). In the first three quarters of 2024, the number of single-family unit resales increased 5.8 percent, while condominium unit resales decreased 5.6 percent compared with the same period of the previous year.

1/   In March 2023, one U.S. Navy contract designated Hawaii as “place of performance” for 100 percent of a $2,840 million task order to replace Dry Dock 3 at Pearl Harbor Naval Shipyard.