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Hawaii Housing Demand and Construction Growth

A recent report predicts growth in Hawaii's construction industry and economy.
February 28, 2014

Hawaii Housing Demand and Construction Growth

Maui Real EstateIf you're following the Maui real estate market, you should know that a recent report indicated a demand for more housing in Hawaii. The report, which is centered on the construction industry, came from the state Department of Business, Economic Development and Tourism's Research and Economic Analysis Division.

As is evident to anyone who has been following the construction and real estate industries, the demand for housing in Hawaii is growing, as the current shortage is causing prices to rise. Inventories are lower than they've been in a very long time.

The report predicted the construction industry rising to meet this demand, which will increase jobs, revenue and economic growth. This is a good forecast to help you properly anticipate upcoming changes in the Maui real estate market. Our state is one of the lowest in the nation for real estate flipping, which generally involves ownership to about six months before resale at a profit. Still, there are good real estate investments to be made, whether you want a full-time or part time Maui residence, or you'd prefer to use your property as a vacation rental.

The forecasts in the report are based on thorough examination of the past performance of Hawaii's construction industry. This is the first report to forecast future construction growth in almost 14 years. The report cited that the construction industry added 2,500 jobs in 2013, which was more than any other industry, and it will continue to be one of the main sectors to grow through 2014 and 2015. In fact, another 2,500 new jobs are anticipated in construction this year.

The fun part is comparing these reports to the actual performance of the economy and the industry specified. Studying past performance is a reliable way to predict the future, but there are always unforeseen circumstances. Hopefully, the economy will strengthen even more than predicted, and our South Maui real estate will thrive.

Mahalo for reading this week, and if you need assistance with your Maui real estate search, you'll find our contact information at the bottom of the page. Mahalo!

RealEstateMauiHawaii.com - By Mark Harbison

Blogs for February 2014

Hawaii Housing Demand and Construction Growth

Posted on February 28, 2014
Hawaii Housing Demand and Construction Growth

If you're following the Maui real estate market, you should know that a recent report indicated a demand for more housing in Hawaii. The report, which is centered on the construction industry, came from the state Department of Business, Economic Development and Tourism's Research and… Continue Reading

Maui Food Technology Center Expo

Posted on February 21, 2014
Maui Food Technology Center Expo

When you live on Maui, you have access to a dynamic, multi-faceted community that's full of collaborative, enthusiastic minds. No matter what your interests, there are people here who share them. For example, if you're interested in becoming a part of the local food scene, there's… Continue Reading

Ellison's Big Green Energy Plans for Lanai

Posted on February 14, 2014
Ellison's Big Green Energy Plans for Lanai

Larry Ellison recently announced some of the details of his plan for the neighboring island of Lanai, which is part of Maui County. There's been an awful lot of buzz surrounding his purchase of 98 percent of the island, especially considering his ambitious history… Continue Reading

Maui's First Target Store

Posted on February 07, 2014
Maui's First Target Store

Target has finally expanded to Maui, and the new store will be located in Kahului at Puunene Shopping Center. It will be 140,000 square feet, and they will hire around 200 employees, but it won't be open until March 2015, if things go according to plan.

This is… Continue Reading

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Mark A Harbison
R(B) (GRI) (CIPS) (TRC)

Mark@RealEstateMauiHawaii.com

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