Honolulu, HI

The recovery in Hawaii is almost complete, spurred on by record levels of government spending.

The US Navy is set to spend billions over the coming years to modernize the base at Pearl Harbor. The state of Hawaii has allocated nearly $350 million in funds for improvements to the neighborhood around Honolulu’s Aloha Stadium and upgrades to road and rail infrastructure across the state. All of this is predicted to bring construction spending in 2022 roughly in-line with pre-pandemic levels, and the market is set to grow throughout the 2020s.

Honolulu’s economy depends on tourists and business travelers. Fortunately, it is still a place famous across the world for its natural beauty. Tourism – particularly from Asia – is set to rebound with the increase in flights from Tokyo to Honolulu. Business travel is also making headway, and container ships are increasingly lining the berths at Honolulu’s port. Capacity will only expand as the local economy grows. Thanks to its location in the middle of the Pacific, Honolulu’s isolation has spared it the worst effects of the pandemic, although inflation and supply-chain issues are more pressing concerns here than on the mainland. Still, there are many reasons to be optimistic.

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* Other structures include religious buildings, amusement, government communications, and public recreation projects.
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