Research & Economic Analysis

4th Quarter 2025 Report

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The indicators of Hawai‘i’s construction industry were mixed in the third quarter of 2025. State government CIP expenditures and government contracts awarded decreased in the quarter compared to the third quarter of 2024. Private building authorizations for Honolulu decreased while authorizations increased for Maui County and Hawai‘i County. Kaua‘i County permit authorizations (residential only) and construction jobs data was not available at the time of publication for the third quarter of 2025.

In the second quarter of 2025 (latest data available), the number of jobs in the construction sector increased by 3.1 percent or by 1,200 jobs compared with the same quarter of the previous year. 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 2024.

In the second quarter of 2025 (latest data available), 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 third quarter of 2025, private building authorizations in Honolulu County decreased $386.6 million or 52.4 percent, compared with the third quarter of 2024 (Table E-8). In the first three quarters of 2025, private building authorizations in Honolulu County increased $230.7 million or 10.9 percent, compared with the same period in the previous year.

In the third quarter of 2025, private building authorizations in Hawai‘i County increased $65.6 million or 42.0 percent, compared with the third quarter of 2024 (Table E-8). In the first three quarters of 2025, private building authorizations in Hawai‘i County increased $75.0 million or 11.3 percent, compared with the same period of the previous year.

In the third quarter of 2025, private building authorizations in Maui County increased $85.2 million or 77.5 percent, compared with the third quarter of 2024 (Table E-8). In the first three quarters of 2025, private building authorizations in Maui County increased $170.2 million or 42.0 percent compared with the same period of the previous year.

In the second quarter of 2025 (latest data available), private building authorizations (residential only) in Kaua‘i County increased $39.6 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 third quarter of 2025, government contracts awarded decreased $1,936.0 million or 90.9 percent, compared with the third quarter of 2024 (Table E-1). In the first three quarters of 2025, government contracts awarded decreased $1,676.7 million or 56.6 percent compared with the same period of the previous year. State government CIP expenditures decreased $8.6 million or 2.2 percent in the third quarter of 2025 compared with the same quarter of 2024. In the first three quarters of 2025, state government CIP expenditures decreased $99.6 million or 8.3 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 decreased by 6.3 percent in the third quarter of 2025, with single family home prices down by 2.0 percent and condo prices down by 9.0 percent over the same quarter of the previous year (Table E-9). The purchase of homes increased by 11.3 percent for local buyers, decreased by 4.3 percent for mainland buyers, and increased by 56.8 percent for foreign buyers over the same quarter of the previous year (Table E-10).

In the third quarter of 2025, Honolulu’s median price for single family resales was $1,112,500, down $12,500 or 1.1 percent over the same quarter of 2024 (Table G-29). The median price for condominium unit resales was $508,250, up $2,250 or 0.4 percent (Table G-33). In third quarter of 2025, the number of single-family unit resales in Honolulu increased 6.1 percent, while the number of condominium unit resales increased 2.8 percent over the same quarter of 2023 (Tables G-37 and G-41). In the first three quarters of 2025, the number of single-family unit resales increased 0.8 percent, while condominium unit resales decreased 3.0 percent compared with the same period of the previous year.