Research & Economic Analysis

2nd Quarter 2024 Report

Download Construction Data Tables (spreadsheet)

The indicators of Hawaii’s construction industry were mostly positive in the first quarter of 2024. Construction jobs, private building authorizations, and State government CIP expenditures increased in the quarter. However, government contracts awarded decreased compared to the first quarter of 2023.

In the first quarter of 2024, the number of jobs in the construction sector increased 6.9 percent or 2,600 jobs compared with the same quarter of 2023. In 2023, the construction sector added 900 jobs or 2.4 percent (Table A-7) from the previous year.

In the first quarter of 2024, private building authorizations in the state increased $216.5 million or 27.4 percent, compared with the first quarter of 2023 (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 first quarter of 2024, private building authorizations in Honolulu increased $231.2 million or 62.0 percent, compared with the first quarter of 2023 (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 first quarter of 2024, private building authorizations in Hawaii County decreased $15.0 million or 6.8 percent, compared with the first quarter of 2023 (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 first quarter of 2024, private building authorizations in Maui decreased $9.5 million or 5.8 percent, compared with the first quarter of 2023 (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 first quarter of 2024, private building authorizations (residential only) in Kauai increased $9.9 million or 29.2 percent, compared with the first quarter of 2023 (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 first quarter of 2024, government contracts awarded decreased $2,803.4 million or 88.1 percent, compared with the first quarter of 2023 (Table E-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.  In 2023, government contracts awarded increased $112.0 million, or 2.3 percent compared with the previous year.

State government CIP expenditures increased $54.1 million or 17.8 percent in the first quarter of 2024 compared with the same quarter of 2023. 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 a Single-Family Residence (Table E-6) increased 3.9 percent in the first quarter of 2024 compared to the same quarter of 2023 and similarly increased 4.5 percent for a High-Rise Building (Table E-7). In 2023, the index for a Single-Family Residence increased 3.8 percent and 3.9 percent for a High-Rise Building as compared to the previous year.

Average home prices increased by 7.1 percent in the first quarter of 2024, with single family home prices up 13.9 percent and condo prices down 1.2 percent over the same quarter of the previous year (Table E-9). The purchase of homes increased 34.9 percent for local buyers, increased 45.5 percent for mainland buyers, and increased 117.2 percent for foreign buyers over the same quarter of the previous year (Table E-10).

In the first quarter of 2024, Honolulu’s median price for single family resales was $1,070,000, up $45,000 or 4.4 percent over the same quarter of 2023 (Table E-11). The median price for condominium unit resales was $505,000, up $5,000 or 1.0 percent over the same quarter of 2023 (Table E-12). In the first quarter of 2024, the number of single family unit resales increased 6.1 percent, and the number of condominium unit resales increased 1.0 percent, compared with the first quarter of 2023 (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.