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 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 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 of its findings:
Honolulu has the fifth highest population density of any city in the U.S., behind 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 14 percent, 6.6 percent higher than Oahu but in line with vacancy rates for condominium areas
The homeownership rate for all Kakaako residents was 10 percent lower than the city’s rate in 2010. But the homeownership rate for Kakaako residents aged 15 to 34 years old was 10 percent higher than the same demographic throughout Honolulu.
The average household size in Kakaako in 2010 was smaller than that of Honolulu as a whole.