Research & Economic Analysis

1st Quarter 2025 Report

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The indicators of Hawai‘i’s construction industry were largely positive in the fourth quarter of 2024. Construction jobs and state government CIP expenditures increased. Private building authorizations increased for the state overall. Authorizations increased in all counties except Kaua‘i County (only residential available) compared to the fourth quarter of 2023. Government contracts awarded decreased.

In the fourth quarter of 2024, the number of jobs in the construction sector increased 8.9 percent or 3,400 jobs, compared with the same quarter of 2023. In 2024, the construction sector gained 3,500 jobs or 9.2 percent (Table A-7) from the previous year.

In the fourth quarter of 2024, private building authorizations in the state increased $789.8 million or 87.6 percent, compared with the fourth quarter of 2023 (Table E-8). In 2024, private building authorizations in the state increased $1,304.4 million or 35.6 percent, compared with the previous year.

In the fourth quarter of 2024, private building authorizations in Honolulu County increased $615.4 million or 135.9 percent, compared with the fourth quarter of 2024 (Table E-8). In 2024, private building authorizations in Honolulu County increased $1,345.4 million or 72.8 percent, compared with the previous year.

In the fourth quarter of 2024, private building authorizations in Hawai‘i County increased $111.1 million or 50.1 percent, compared with the fourth quarter of 2023 (Table E-8). In 2024, private building authorizations in Hawai‘i County increased $110.7 million or 12.5 percent, compared with the previous year.

In the fourth quarter of 2024, private building authorizations in Maui County increased $78.2 million or 43.5 percent, compared with the fourth quarter of 2023 (Table E-8). In 2024, private building authorizations in Maui County decreased $111.6 million or 14.4 percent, compared with the previous year.

In the fourth quarter of 2024, private building authorizations (residential only) in Kaua‘i County decreased $14.9 million or 31.5 percent, compared with the fourth quarter of 2023 (Table E-8). In 2024, private building authorizations in Kaua‘i County decreased $40.1 million or 25.0 percent, compared with the previous year.

In the fourth quarter of 2024, government contracts awarded decreased $309.7 million or 44.1 percent, compared with the fourth quarter of 2023 (Table E-1). In 2024, government contracts awarded decreased $1,624.5 million or 32.6 percent, compared with the previous year.1

State government CIP expenditures increased $20.3 million or 5.3 percent in the fourth quarter of 2024, compared with the same quarter of 2023. In 2024, state government CIP expenditures increased $249.5 million or 18.4 percent from the previous year (Table E-2).

The Honolulu Construction Cost Index for Single Family Residence (Table E-6) increased 3.4 percent in the fourth quarter of 2024 compared to the same quarter of 2023 and similarly increased 3.0 percent for High-Rise Building (Table E-7). In 2024, the index for Single Family Residence increased 3.6 percent and 3.2 percent for High-Rise Building, as compared to 2023.

Average home prices increased 11.5 percent in the fourth quarter of 2024, with single family home prices up 5.4 percent and condo prices up 16.7 percent over the same quarter of the previous year (Table E-11). The purchase of homes increased 13.9 percent for local buyers, decreased 11.9 percent for mainland buyers, and decreased 16.0 percent for foreign buyers over the same quarter of the previous year (Table E-12).

In the fourth quarter of 2024, Honolulu’s median price for single family resales was $1,085,000, up $15,000 or 1.4 percent over the same quarter of 2023 (Table G-29). The median price for condominium units was $530,000, up $17,000 or 3.3 percent over the same quarter of 2023 (Table G-33). In the fourth quarter of 2024, the number of single-family unit resales increased 20.3 percent, and the number of condominium unit resales increased 9.0 percent, compared with the fourth quarter of 2023 (Tables G-37 and G-41). In 2024, the number of single-family unit resales increased 9.1 percent, and condominium unit resales decreased 2.5 percent compared with 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.