Our latest quarterly construction cost report shares that Hawaii has the fourth largest annual increase in construction costs (5.48% year-over-year) amidst the 16 cities surveyed. Cities reporting a greater YOY increase include Chicago (5.75%), Dallas (5.55%), and Miami (5.50%).
This growth comes as no surprise with the local economy being boosted major capital projects and residential developments. With the old facility being slated for demolition in late 2025, the new Aloha Stadium is one of the major developments driving construction on the islands. Additionally, Honolulu’s rapid transit system is expected to open its second phase in late 2025, establishing crucial links to key destinations, as well as support for commuting locals. The projects, amongst others, are anchoring long-term economic growth for the Hawaii region.
The map below compares the annual percentage change for the Hawaii Region of the U.S.; the bar chart below shows the quarterly percentage change for Honolulu.
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