Report: Kakaako Construction Projects Worth $2 Billion
A state report finds the projects could generate $4.1 billion in sales and create or support 18,000 jobs in Hawaii while construction is ongoing
Nearly a dozen ongoing and planned construction projects in Kakaako are valued at $2 billion, according to a new analysis by the state Department of Business, Economics and Tourism.
The report found that construction in the district could聽generate more than $4 billion in sales, boost household income by $1.2 billion and create $215 million in state tax revenue.
PF Bentley/Civil Beat
The construction projects are also expected to聽create or support about 18,000 jobs while they are ongoing.
The report additionally analyzed Kakaako’s population growth, residential vacancy rates and home ownership rates. Here are some聽of its findings:
- Honolulu has the fifth highest population density of any city in the U.S., behind聽New York City, Los Angeles, San Francisco, and Trenton-Ewing in New Jersey
- There is a growing demand to live in Honolulu’s urban core because of changing household sizes and preferences
- Kakaako’s residential vacancy rate in 2010 was聽14 percent,聽6.6 percent higher than Oahu but in line with vacancy rates for condominium areas
- The homeownership rate for all Kakaako residents聽was聽10 percent lower than聽the city’s rate聽in 2010. But聽the homeownership rate for Kakaako聽residents聽aged 15 to 34 years old was 10 percent higher than聽the same demographic throughout Honolulu.
- The average household size in Kakaako in 2010 was smaller than that of Honolulu as a whole.
