Construction Outlook feat. Swinerton
In the coming year, Swinerton will work on bringing a distribution center to Hawaiʻi, delivering multiple retail big-box storefronts, as well as various hospitality renovation projects throughout the islands.
What are some of your company’s most important (or interesting) projects and plans for 2023?
As we continue to push forward for a prosperous 2023, our mission remains the same: to be the preferred builder and trusted partner in every market we serve, proudly leading with integrity, passion, and excellence. In 2023, our focus will be on the execution of a flagship project bringing the very first distribution center of its kind to Hawai‘i. Our teams will also be working on delivering multiple retail big-box storefronts, as well as various hospitality renovation projects throughout the islands.
What is the most important change or trend impacting your industry in 2023?
An important trend that is impacting our industry, specifically vital here in Hawai‘i, is the emphasis on sustainable construction as well as sustainable job-site practices. The emergence of new concepts in building such as mass timber construction brings ‘green building’ to the forefront with a new category of wood products.
We are seeing that mass timber construction offers a viable eco-conscious, low-carbon alternative solution to traditional building concepts. We’re currently working on an emerging project in Maui that would be the first mass timber structure of its kind here on the islands.
What is your company’s biggest challenge in the coming year?
Although inflation remains a significant economic issue within the construction industry, we remain optimistic. The Federal Funds Rate is anticipated to increase from zero to around 4% by year-end. This aggressive policy has taken a bite out of asset and commodity prices, lowering growth expectations across the globe. Many private sector markets will presumably continue to underperform because of higher borrowing costs and reduced market liquidity. But we do see opportunities elsewhere in education, healthcare, mass timber, energy, and the development of manufacturing and data facilities.
Overall, the architecture billings and construction confidence hold steady, construction starts remaining strong, material prices are stabilizing, and unemployment remains low.
841 Bishop St., Honolulu, HI 96813