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Hawaii Construction Forecast Update:
Slow Decline But No Contracting Crunch

Posted March 7, 2008 | Categories: Forecasts, Hawaii's Economy

While the external environment has become decidedly more risky since last fall, this forecast makes only a small downward revision to the forecast path. The declines that have occurred since 2006–2007 in residential and nonresidential permits signaled the turn of the Hawai‘i building cycle, and real construction spending will decline slightly this year.  Construction employment and income will slow to very small positive gains this year, before turning negative in 2009. Some downward drift in home prices will occur, but Hawai‘i will avoid the largescale contraction that is occurring in many mainland cities that must work off home price bubbles. The overall construction cycle will continue to be stabilized by relative strength in nonresidential segments of the industry.

forecast Summary

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