{"id":50797,"date":"2016-09-30T09:24:50","date_gmt":"2016-09-30T19:24:50","guid":{"rendered":"http:\/\/www.hawaii.edu\/news\/?p=50797"},"modified":"2020-06-22T13:20:24","modified_gmt":"2020-06-22T23:20:24","slug":"uhero-forecast-building-cycle-approaches-its-peak","status":"publish","type":"post","link":"https:\/\/www.hawaii.edu\/news\/2016\/09\/30\/uhero-forecast-building-cycle-approaches-its-peak\/","title":{"rendered":"<abbr title=\"东精影业 Economic Research Organization\">东精影业ERO<\/abbr> forecast: Building cycle approaches its peak"},"content":{"rendered":"<span class=\"span-reading-time rt-reading-time\" style=\"display: block;\"><span class=\"rt-label rt-prefix\">Reading time: <\/span> <span class=\"rt-time\"> &lt; 1<\/span> <span class=\"rt-label rt-postfix\">minute<\/span><\/span><p><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/www.hawaii.edu\/news\/wp-content\/uploads\/2016\/02\/manoa-uhero-report.jpg\" alt=\"landscape of Honolulu harbor\" width=\"620\" height=\"159\" class=\"size-full wp-image-43334\" srcset=\"https:\/\/www.hawaii.edu\/news\/wp-content\/uploads\/2016\/02\/manoa-uhero-report.jpg 620w, https:\/\/www.hawaii.edu\/news\/wp-content\/uploads\/2016\/02\/manoa-uhero-report-260x67.jpg 260w\" sizes=\"auto, (max-width: 620px) 100vw, 620px\" \/><\/p>\n<p class=\"clear-photo\">According to the newest <a href=\"http:\/\/www.uhero.hawaii.edu\/\">University of <span aria-label=\"Hawaii\">Hawai&#699;i<\/span> Economic Research Organization<\/a> (UHERO) report, construction has accelerated in <span aria-label=\"Hawaii\">Hawai&#699;i<\/span> over 2016 and will approach its cyclical peak over 2017.<\/p>\n<p>Jobs and income are now growing at double-digit rates, driven by strength across all major sub-sectors and, increasingly, all counties. Increments to growth will be much smaller going forward, and activity will begin to fall off by 2018 as the surge in resort and condo building wanes, costs for builders and homebuyers mount, and global economic conditions become less favorable. <\/p>\n<p><strong>Report highlights<\/strong><\/p>\n<ul>\n<li>While the surge in high-rise construction in <span aria-label=\"Kakaako\">Kaka&#699;ako<\/span>\/Ala Moana is not yet over, the focus for new <span aria-label=\"Oahu\">O&#699;ahu<\/span> home building will begin to shift westward to single-family development at <span aria-label=\"Hoopili\">Ho&#699;opili<\/span> and Koa Ridge. Homebuilding on the Neighbor Islands has only recently picked up, and further growth is expected.<\/li>\n<li>Real estate sales have picked up sharply. Home price gains have been limited despite tight inventory, quick sales times and lack of new homebuilding.<\/li>\n<li>Commercial construction has been relatively strong, with resort-related development the biggest driver. <\/li>\n<li>The inflation-adjusted value of government contracts reached a ten-year high last year, propelled by improvements to harbors, airports and waste treatment facilities.<\/li>\n<li>Rising construction costs are a challenge for developers.<\/li>\n<li>In the first half of this year, there was a surge of nearly 5,000 construction jobs statewide as the newest wave of major developments added to a high volume of existing projects. <\/li>\n<li>A number of forces will limit further construction gains and ultimately precipitate the next industry downturn. These include deteriorating home affordability and rising construction costs. <\/li>\n<\/ul>\n<p>For the <a href=\"http:\/\/uhero.hawaii.edu\/products\/view\/542\"> full public summary go to the <abbr>东精影业ERO<\/abbr> website<\/a> and for a detailed analysis, <a href=\"http:\/\/uhero.hawaii.edu\/72\/subscription-form\">subscribe to <abbr title=\"东精影业 Economic Research Organization\">东精影业ERO<\/abbr>&#8217;s Forecast Project<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The University of <span aria-label=\"Hawaii\">Hawai&#699;i<\/span> Economic Research Organization finds that construction has accelerated in <span aria-label=\"Hawaii\">Hawai&#699;i<\/span> over 2016 and will approach its cyclical peak over 2017.<\/p>\n","protected":false},"author":16,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[30],"tags":[301,19,197,9,343],"class_list":["post-50797","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research","tag-college-of-social-sciences","tag-construction","tag-economics","tag-uh-manoa","tag-uhero","entry","has-media"],"aioseo_notices":[],"jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/www.hawaii.edu\/news\/wp-json\/wp\/v2\/posts\/50797","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.hawaii.edu\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.hawaii.edu\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.hawaii.edu\/news\/wp-json\/wp\/v2\/users\/16"}],"replies":[{"embeddable":true,"href":"https:\/\/www.hawaii.edu\/news\/wp-json\/wp\/v2\/comments?post=50797"}],"version-history":[{"count":12,"href":"https:\/\/www.hawaii.edu\/news\/wp-json\/wp\/v2\/posts\/50797\/revisions"}],"predecessor-version":[{"id":121275,"href":"https:\/\/www.hawaii.edu\/news\/wp-json\/wp\/v2\/posts\/50797\/revisions\/121275"}],"wp:attachment":[{"href":"https:\/\/www.hawaii.edu\/news\/wp-json\/wp\/v2\/media?parent=50797"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.hawaii.edu\/news\/wp-json\/wp\/v2\/categories?post=50797"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.hawaii.edu\/news\/wp-json\/wp\/v2\/tags?post=50797"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}