The University of Hawaii Research Organization is predicting a slight improvement in Hawaii’s construction industry for 2012. A report that was released by UHERO stated, “Construction has yet to turn the corner in Hawaii, but a pickup is now more clearly in sight. We are more confident that a movement upward is now imminent and we believe this forecast is more likely to understate than overstate activity over the next few years.”
The report added, “A flurry of announcements of high-rise condo plans on Oahu, resort-related construction — and yes, rail and other large-scale public projects — will begin to raise the level of activity in the sector this year. And that will build going into 2013. An abrupt halt to rail plans could of course derail some of this growth, although significant private building would still stir the industry.” The report also notes that the majority of the expected improvements are going to be on the island of Oahu. “It will take some time for building conditions to improve outside of Honolulu,” the report concluded.
Source: Honolulu Star Advertiser, 3-16-2012, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, Realtor
Global Executive Realty, LLC
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