The state Department of Business, Economic Development and Tourism has predicted that the construction industry in Hawaii will create an additional 5,000 jobs over the next two years. Overall, DBEDT predicts a 12.4 percent increase in construction spending in 2014 and a 8.3 percent increase in construction spending for 2015. The construction industry was one of the hardest hit by the 2008-2009 recession and has taken a long time to turn around. Since 2012, the island of Oahu has already begun to see some progress, but the neighbor islands have not seen much demand. Oahu will get an additional boost in the coming years thanks the the Honolulu Rail Project and the redevelopment of the Kakaako neighborhood. John White, the executive director of Pacific Resource Partnership, stated that the construction industry is ready to build homes to help solve the anticipated housing shortage in Hawaii. White commented, "If we don't build these homes, more and more residents will be forced to leave Hawaii because they cannot access housing they can afford. We're grateful for the opportunity to get our members back to work, but we're mindful that we must grow in a balanced way, to build housing and create jobs, but protect the open spaces and places in Hawaii that are important to all of us."
Source: Honolulu Star Advertiser, 2-21-2014, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Principal Broker, REALTOR®
Global Executive Realty, LLC
www.myhawaiihomesearch.com
www.myhawaiicondo.com
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