Honolulu's construction costs, which have been responsible for stalling or shuttering several projects, continues to be the highest in the United States, according to a new report.

The website Bizjournals.com is reporting that Honolulu's construction costs, which have been responsible for stalling or shuttering several projects, continues to be the highest in the United States, according to a new report.

The rapid rise in construction costs also means that the more than $6 billion Honolulu rail transit project will cost an additional $240 million.

In terms of comparative costs, Honolulu which ranked only behind New York in July 2015, jumped ahead to the top spot as of October 2015, according to the Rider Levett Bucknall U.S. Fourth Quarter 2015 Construction Cost Report.

The report's comparative cost index tracks the true bid cost of construction, which includes, in addition to costs of labor and materials, general contractor and subcontractor overhead costs and fees.

From July 2015 to October 2015, Honolulu saw a percentage change in comparative costs of 1.28 percent.

The report noted that all costs across the U.S. have been rising and it's just the rate of the rise that varies in other boom or bust markets.

Source: Bizjournals

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