With the economy still in recovery mode, buyers and builders are more cautious than ever when it comes to purchasing and constructing new homes and businesses. But there seems to be a positive outlook for the real estate market, according to the University of Hawaii Economic Research Organization’s (UHERO) quarterly forecast.The UHERO report shows continued growth with private building permits in the state increasing for the third consecutive quarter—the last time this occurred was in 2006. Residential permits are up 20 percent from last year with moderate upward movement for commercial permits.
With the increase in permitting and a tripling of government contracts awarded in the second quarter of this year, UHERO expects construction jobs to end 2012 with a 0.6 percent rise from 2011. That slight rise is expected to jump to 7.7 percent in 2013, indicating Hawaii may be in the midst of the next home building cycle.
“Confidence amongst home builders is gaining momentum and that bodes well for not only the real estate market, but the entire economy,” said Ken Laughlin, president of Hawaii Lumber Products Association. “An increase in building of new homes and businesses means an increase in not only construction jobs, but an increase in jobs and sales for many related vendors.”
Construction growth is most evident on the west side of Oahu with a multitude of developments underway including Ka Makana in Ewa by Haseko, Trades and Sandalwood in Ewa by Gentry, Makalae at Sea Country in Waianae and Kahiwelo II in Makakilo by D.R. Horton, and Nohona III and Makalii II in Kapolei by Castle & Cooke.
This upward trend in the real estate market isn’t just reserved for Hawaii. The Commerce Department reported nation-wide building permits in September rose almost 12 percent from August to a seasonally adjusted annual rate of 894,000, which is over a 45 percent jump from a year ago. Housing projects broke ground at a seasonally adjusted annual rate of 872,000 to a nearly 35 percent increase from September 2011.
Submitted by the Hawaii Lumber Products Association, a group comprised of professionals representing the development and construction industry as well as building material producers and service companies. They are committed to the education and promotion of lumber products as the best choice for home construction in Hawaii. To find out more about using wood in home construction and HLPA, please visit www.hawaiilumber.com.
I know a lot of people who have struggled the last 5 years since the recession crippled us, so it's about time we had some good news like this. Fingers crossed it lasts.
[…] volume in the state, including residential and industrial applications, climbed 33% to $1.2 billion worth of projects in 2012 through September. This statistic is also covered in an article by the Hawaii […]
Now a day people like the invented technology and science. In this changing world everyone wants a business which doesn’t have downs. From my own experience Real estate is the only business where downs are less than Ups better to go for Real Estate services and to make the people helpful to get their own perfect land.
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Everyone thinks Real Estate is another bubble little they know how this thinking of there's is going to affect them. Real estate business is going to increase at the same speed at least for 10 more years and this is just the beginning.
Regards,
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Its really great to see the economy start to turn around. This was a great read and informative! I had no idea that tthe UHERO report shows continued growth or the third consecutive quarter…the last time this occurred was in 2006! Definitely going to bookmark this article! <a style="text-align: justify; line-height: 1.5em;" href="https://bestgolfgpswatch.com">Best Golf GPS Watch
Its really great to see the economy start to turn around. This was a great read and informative! I had no idea that tthe UHERO report shows continued growth or the third consecutive quarter…the last time this occurred was in 2006! Definitely going to bookmark this article! ..Best Golf GPS Watch
I heard everybody speaking about this comeback for a while now. To be honest, I never noticed a major withdrawal or downfall. From all real estate agents I know, I worked best with RealEstateEcuador.com.Maybe this is something that may have influenced my perspective on this.
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