Report: Hawaii construction spending expected to reach $9B

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HONOLULU (AP) - Hawaii economists expect statewide construction spending to reach a decade high of $9 billion this year despite last year's projections of spending leveling out.

The Honolulu Star-Advertiser reports the analysis by the University of Hawaii Economic Research Organization projects a 7 percent increase in construction spending from last year's $8.4 billion.

According to the report, spending by contractors building homes, renovating hotels, improving public infrastructure and other work should remain at about $9 billion for the next three years.

Should construction spending grow as predicted, it will be the most since the $10.2 billion recorded in 2008. Hawaii spending peaked in 2007 at $10.6 billion.

According to the report, the number of industry jobs is expected to fall by 3 percent this year to 35,100.

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Information from: Honolulu Star-Advertiser, http://www.staradvertiser.com

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