State of Hawaii Fiscal Resilience Plan
7
over the Last 12 months
Home Prices and Construction
Home Prices Remain Strong, and Major Private and Public Capital Investment Supports Hawaii's Construction Industry
Home Prices: The median
Median Single-Family Home Prices (Honolulu)(1)
2016 to First 10 Months of 2023 ($000s)
Value of Private Building Permits Issued (3)
($MM)
single-family home price in
Honolulu was $1.1 million as
$1,200
$1,600
of October 2023
$1,000
$1,400
Construction: The
$1,200
$800
construction industry
$1,000
continues to be an important
$600
$800
driver of the economy, with
$600
$400
large public and private
$400
sector capital projects
$200
$200
ongoing
$0
$0
Building permits issued
2016 2017
2018 2019 2020 2021 2022 2023
1) Source: National Association of Realtors.
223
2)
Includes federal, state and local governments.
3)
Source: Hawaii Department of Business, Economic Development & Tourism.
1Q:2008
3Q:2008
1Q:2009
1Q:2008
:2008
totaled $5.5 billion, 37%
higher than the year prior
Government investment in
public projects in Hawaii
has averaged $1.3 billion
per year since 2009
Value of Government Contracts Awarded in Hawaii (2)
($MM)
$4,500
$4,000
$3,500
$3,000
$2,500
$2,000
$1,500
$1,000
$500
$0
Large Construction Projects by Type (3)
(Includes permits over $20 million - $2.2 billion in total)
November 2022 to October 2023 ($MM)
Residential/Commercial (1 permit),
$60.8
Commercial (5 permits),
$156.9
Residential (15 permits),
$835.2
3Q:2009
1Q:2010
3Q:2010
1Q:2011
3Q:2011
1Q:2012
3Q:2012
1Q:2013
3Q:2013
1Q:2014
1Q:2015
3Q:2015
10:2016
BQ:2016
1Q:2017
BQ:2017
3Q:2018
Hotel (5 permits),
$213.6
Education (5 permits),
$368.5
Government (4 permits),
$594.8
STATE
OF
HAWAIIView entire presentation