Government construction rose during the third quarter to its highest dollar volume in nearly a decade as private construction dipped, according to new statistics.
Despite talk of an impending slowdown, Hawaii's construction industry is on track to outpace 2006, although only slightly, by 3 percent, according to third-quarter market data from the Pacific Resource Partnership.
Total dollar volume for the first nine months of the year was $3.8 billion, compared to $3.7 billion for the same period last year.
"The blistering activity that was happening is not at the frenzied pace it was at two years ago," said executive director Kyle Chock. "But in terms of dollar volume we're at where we were last year, so that's good."
Although the commercial and retail sector is down by 9 percent year-to-date, the next 18 months ! look strong, with a number of national retailers, including Target, Whole Foods and Walgreens, building their first Hawaii stores.
Several new shopping malls are in various stages of planning and construction, including Kona Commons on the Big Island, and Kapolei Commons and Ka Makana Alii, the mall being developed by Florida-based DeBartolo Development on 67 acres in Kapolei owned by the state Department of Hawaiian Home Lands.
Pacific Resource Partnership, a joint program of the Hawaii Carpenters Union and some 200 unionized contractors, analyzes building permit data from the four counties each quarter.
The third quarter had the lowest number of building permits, 1,721, since the fourth quarter of 2004 when there were 1,599.
But the PRP analysis also shows the strongest volume in government construction in years.
According to the data! , total public construction volume from July 1 to Sept. 30 was! $525 mi llion, an 11 percent increase from the second quarter and nearly triple the volume of the same quarter last year.
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Source: http://pacific.bizjournals.com/pacific/stories/2007/11/19/story1.html?b=1195448400^1552317
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