Research & Economic Analysis

3rd Quarter 2025 Report

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Construction jobs and government contracts increased in the second quarter of 2025, however, state government CIP expenditures decreased. Private building authorizations increased for the state overall. Authorizations increased in Honolulu County, Maui County, and Kaua‘i County but decreased in Hawai‘i County compared to the second quarter of 2024.

In the second quarter of 2025, the number of jobs in the construction sector increased by 3.1 percent or by 1,200 jobs compared with the same quarter of 2024. In the first half of 2025, the construction sector added 1,000 jobs or 2.6 percent (Table A-7) compared to the same period of the previous year.

In the second quarter of 2025, private building authorizations in the state increased $308.4 million or 24.7 percent, compared with the second quarter of 2024 (Table E-8). In the first half of 2025, private building authorizations in the state increased $709.8 million or 31.5 percent compared with same period of 2024.

In the second quarter of 2025, private building authorizations in Honolulu County increased $366.1 million or 46.7 percent, compared with the second quarter of 2024 (Table E-8). In the first half of 2025, private building authorizations in Honolulu County increased $617.3 million or 44.5 percent, compared with the same period in the previous year.

In the second quarter of 2025, private building authorizations in Hawai‘i County decreased $88.4 million or 29.4 percent, compared with the second quarter of 2024 (Table E-8). In the first half of 2025, private building authorizations in Hawai‘i County increased $9.5 million or 1.9 percent, compared with the same period of the previous year.

In the second quarter of 2025, private building authorizations in Maui County increased $21.8 million or 15.5 percent, compared with the second quarter of 2024 (Table E-8). In the first half of 2025, private building authorizations in Maui County increased $85.0 million or 28.8 percent compared with the same period of the previous year.

In the second quarter of 2025, private building authorizations in Kaua‘i County (residential only) increased $8.8 million or 39.6 percent, compared with the second quarter of 2024 (Table E-8). In the first half of 2025, private building authorizations in Kaua‘i County decreased $2.0 million or 3.0 percent compared with the same period of the previous year.

In the second quarter of 2025, government contracts awarded increased $281.4 million or 62.0 percent, compared with the second quarter of 2024 (Table E-1). In the first half of 2025, government contracts awarded increased $259.3 million or 31.2 percent compared with the same period of the previous year.

State government CIP expenditures decreased $71.3 million or 15.7 percent in the second quarter of 2025 compared with the same quarter of 2024. In the first half of 2025, state government CIP expenditures decreased $90,957.5 million or 11.2 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 4.3 percent in the second quarter of 2025 compared to the same quarter of 2024 and similarly increased 4.6 percent for High-Rise Building (Table E-7). In the first half of 2025, the index for Single Family Residence increased 3.9 percent and 3.8 percent for High-Rise Building as compared to the previous year.

Average home prices increased by 4.0 percent in the second quarter of 2025, with single family home prices up by 1.3 percent and condo prices stable over the same quarter of the previous year (Table E-9). The purchase of homes decreased by 8.1 percent for local buyers, by 33.6 percent for mainland buyers, and by 6.8 percent for foreign buyers over the same quarter of the previous year (Table E-10).

In the second quarter of 2025, Honolulu’s median price for single family resales was $1,150,000, up $50,000 or 4.5 percent over the same quarter of 2024 (Table G-29). The median price for condominium unit resales was $505,000, down $5,000 or 1.0 percent over the same quarter of 2024 (Table G-33). In the second quarter of 2025, the number of single-family unit resales decreased 0.5 percent, while the number of condominium unit resales decreased 10.8 percent, compared with the second quarter of 2024 (Tables G-37 and G-41). In the first half of 2025, the number of single-family unit resales decreased 2.1 percent, while condominium unit resales decreased 6.0 percent compared with the same period of the previous year.