Every January, experts from various industries and government agencies share their insights on the upcoming year with Construction Preview, Building Industry Hawaii magazine’s annual forecast.
James Keller, 2016 HLPA President and current President of Armstrong Builders LLC, gives his forecast for the building and lumber sectors in the upcoming year. Take a peek below.
Building and Lumber Forecast:
Surge in Construction Across State Will Continue in 2017
Hawaii’s construction boom spread beyond just Oahu over 2016 and current and new projects are expected to make 2017 a very healthy year for the industry. Nearly 5,000 new construction jobs were created statewide in the first of half of 2016, according to the University of Hawaii Economic Research Organization’s (UHERO) state forecast released last September. Construction projects from residential to commercial and government will help maintain positive growth from last year to this year.
Residential construction will be one of the prime drivers for the building sector as the need for more housing intensifies with Hawaii’s growing population. The supply of new housing will continue to expand with high-rises in the Kakaako/Ala Moana area and single-family homes in the Hoopili and Koa Ridge developments in West Oahu. The lumber industry will see a major boost this year as wood products remain the preferred building material for single-family homes...
Check out Construction Preview 2017 next month!