POSTED: 01:05 p.m. HST, Feb 20, 2014
LAST UPDATED: 01:35 p.m. HST, Feb 20, 2014
Hawaii will add 2,500 construction jobs this year on top of the 2,500 added last year, according to a report issued Thursday by the state Department of Business, Economic Development and Tourism.
The study said construction will be a main engine of economic growth in Hawaii this year and next.
Based on population growth of about 1 percent per year, or 14,000 new residents, Hawaii's current housing need is about 5,500 new units per year, the study said. However, during the last 5 years, the average increase in housing units was only 3,400 per year.
That has resulted in a housing shortage, which is driving demand and the increase in construction jobs.
The report predicts that the construction industry will grow by 12.4 percent in 2014 and 8.3 percent in 2015.
The full 49-page report is available at: