Research & Economic Analysis

1st Quarter 2024 Report

Download Construction Data Tables (spreadsheet)

The indicators of Hawaii’s construction industry were mixed in the fourth quarter of 2023. Government contracts awarded and State government CIP expenditures increased. However, construction jobs and private building authorizations decreased.

In the fourth quarter of 2023, the number of jobs in the construction sector decreased 1.8 percent or 700 jobs, compared with the same quarter of 2022. In 2023, the construction sector gained 600 jobs or 1.6 percent (Table A-7) from the previous year.

In the fourth quarter of 2023, private building authorizations in the state decreased $392.2 million or 30.3 percent, compared with the fourth quarter of 2022 (Table E-8). In 2023, private building authorizations in the state increased $87.8 million or 2.5 percent, compared with the previous year.

In the fourth quarter of 2023, private building authorizations in Honolulu decreased $393.9 million or 46.5 percent, compared with the fourth quarter of 2022 (Table E-8). In 2023, private building authorizations in Honolulu decreased $161.8 million or 8.0 percent, compared with the previous year.

In the fourth quarter of 2023, private building authorizations in Hawaii County increased $13.0 million or 6.2 percent, compared with the fourth quarter of 2022 (Table E-8). In 2023, private building authorizations in Hawaii County increased $28.6 million or 3.3 percent, compared with the previous year.

In the fourth quarter of 2023, private building authorizations in Maui decreased $10.2 million or 5.4 percent, compared with the fourth quarter of 2021 (Table E-8). In 2023, private building authorizations in Maui increased $202.6 million or 35.4 percent, compared with the previous year.

In the fourth quarter of 2023, private building authorizations (residential only) in Kauai decreased $1.1 million or 2.2 percent, compared with the fourth quarter of 2022 (Table E-8). In 2023, private building authorizations in Kauai County increased $18.4 million or 13.0 percent, compared with the previous year.

In the fourth quarter of 2023, government contracts awarded increased $180.0 million or 34.4 percent, compared with the fourth quarter of 2022 (Table E-1). In 2023, government contracts awarded increased $112.0 million or 2.3 percent, compared with the previous year. A Navy indefinite-delivery/indefinite quantity multiple award design-build/design-bid-build contract was awarded in October 2023 that designated Hawaii as ‘place of performance’ for 100 percent of the $248 million contract. Task orders have not yet been issued and no work authorized, so this contract has not been included in the government contracts awarded quarterly and annual totals.

State government CIP expenditures increased $64.4 million or 20.3 percent in the fourth quarter of 2023, compared with the same quarter of 2022. In 2023, state government CIP expenditures increased $33.7 million or 2.6 percent from the previous year (Table E-2).

The Honolulu Construction Cost Index for Single Family Residence (Table E-6) increased 3.8 percent in the fourth quarter of 2023 compared to the same quarter of 2022 and similarly increased 4.5 percent for High-Rise Building (Table E-7). In 2023, the index for Single Family Residence increased 3.8 percent and 3.9 percent for High-Rise Building, as compared to 2022.

Average home prices increased 5.7 percent in the fourth quarter of 2023, with single family home prices up 3.4 percent and condo prices up 10.2 percent over the same quarter of the previous year (Table E-9). The purchase of homes decreased 5.0 percent for local buyers, increased 6.7 percent for mainland buyers, and increased 141.8 percent for foreign buyers over the same quarter of the previous year (Table E-10).

In the fourth quarter of 2023, Honolulu’s median price for single family resales was $1,070,000, down $13,500 or 1.2 percent over the same quarter of 2022 (Table E-11). The median price for condominium units was $513,000, up $13,000 or 2.6 percent over the same quarter of 2022 (Table E-12). In the fourth quarter of 2023, the number of single-family unit resales decreased 6.7 percent, and the number of condominium unit resales decreased 13.6 percent, compared with the fourth quarter of 2022 (Tables E-13 and E-14). In 2023, the number of single-family unit resales decreased 26.3 percent, and condominium unit resales decreased 28.0 percent compared with the previous year.

In the fourth quarter of 2023, resales of Maui’s single family homes declined 27.4 percent and declined 9.2 percent for condominium units. In 2023, the median price for single family homes increased 8.6 percent to $1,200,000 and 7.4 percent to $832,500 for condominium units. In 2023, resales of single family homes declined 28.7 percent and 36.3 percent for condominium units.