Fits and Starts

July, 2023: lots of progress (viewed from Kuhio Ave.)

The fits and starts of construction since 2020 have been mirrored in this Waikiki property that I walk by on my semi-annual trips.

In 2020 tourism slowed to a trickle, unemployment in Hawaii reached 15%, and construction halted not only for economic reasons but also because it was a non-essential business during the pandemic.

In 2021 tourism picked up slowly, some Mainlanders exploited the working-from-home craze to move to Hawaii, and construction resumed.

Nov., 2022: Building on Kalakaua & Kalaimoku

In 2022 rising inflation caused the Federal Reserve to take the punch bowl away by dramatically increasing interest rates. Speculative projects were postponed, if not killed.

The opposite effect occurred on construction-in-progress. Delays were costlier, and it was urgent to finish them to make them revenue-producing. The property I've been watching is on pace to be completed by year-end.

That's good timing. Tourism is almost fully recovered, and this is the only sizable building coming on line in Waikiki.