The University of Hawaii Economic Research Organization (UHERO) has issued their latest forecast for the state of Hawaii. UHERO predicts that construction spending thanks primarily to the Honolulu Rail Project and the high-rise condominiums in Kakaako, will increase by 8.4 percent to $8.2 billion in 2014 and by 16.9 percent to $9.6 billion in 2015. The report stated, "The Hawaii construction industry continues to expand. Rail, housing, public infrastructure and commercial construction will combine to drive this robust expansion." Furthermore, the economists predict that median single family home prices on Oahu will rise to $710,500 in 2014 and to $773,800 in 2015.
Source: Honolulu Star Advertiser, 3-28-2014, 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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