ASB and Hawaii Home + Remodeling Launch New Accelerator for Hawaii’s Construction and Building Entrepreneurs

In the midst of a statewide labor shortage coupled with outward migration and a shrinking population due to Hawaii’s high cost of living, Hawaii’s construction industry faces the challenge of finding new talent and raising new leaders to support the construction growth that is slated for the next 20 years. American Savings Bank and Hawaii Home + Remodeling Magazine have joined to address these challenges by designing a business accelerator program that will coach small and mid-sized construction-related companies and support their long-term success. Applications opened for the program today and will close on July 22 at 11:59 p.m.

The Hui Kapili Accelerator: Building a Better Hawaii Together, is a free 10-week program dedicated to empowering leaders in the construction industry with the essential skills, business acumen, and relationships required to thrive in Hawaii's competitive market. By bridging the gap between talent shortage and industry demand, the program aims to bolster the capacity of construction businesses and foster sustainable growth.

“We’re so grateful that American Savings Bank and Hawaii Home + Remodeling are investing in this important industry for our state,” said Governor Josh Green. “It’s a win-win for the community. There are hundreds of millions of dollars in construction projects in the pipeline that will need to be built and we want to make sure that these investments stay in Hawaii. This program will help local businesses do just that.”

The coursework will include educational sessions and participants will have the unique opportunity to connect with industry experts, receive personalized mentorship, and collaborate on community-driven initiatives aimed at addressing the needs of Hawaii's diverse communities.

“American Savings Bank is proud to collaborate with Hawaii Home + Remodeling to ensure that our local businesses and talent in the state’s construction industry continue to thrive,” said Ann Teranishi, president and CEO at American Savings Bank. “This program will help local construction businesses succeed as they create affordable homes for our community, improve our infrastructure, and build a stronger Hawaii.”

According to the U.S. Bureau of Labor Statistics, only 40% of construction businesses established in March 2013 were still operating in March 2023. Less than half of construction businesses survived a decade. Additionally, the University of Hawaii Economic Research Organization reported that in 2023, only one in five local households could afford a mortgage to pay for a median-priced single-family home in Hawaii.

"This program was created from a desire to make a lasting impact on our building community,” said Cyd Rosa, publisher of Hawaii Home + Remodeling. “Here at Hawaii Home + Remodeling, we have had the privilege of working with some of the most incredibly talented men and women who are masters in their craft but may not have the skills they need to build or grow their businesses successfully. By partnering with American Savings Bank, we’re bringing together our partners and experts to be a resource and incubator for their future success.”

The Hui Kapili curriculum will include educational sessions on the following:

Hui Kapili Curriculum Summary

• Strategic business planning and development
• Financial management and budget optimization
• Innovative technology integration
• Effective workforce management and development
• Community engagement and social responsibility

Applications for the inaugural cohort of Hui Kapili Accelerator are now open to leaders of small and mid-size construction-related companies in Hawaii. Businesses must be locally owned and operating in the state of Hawaii with a gross annual revenue of $250,000 and licensed to perform their duties in the state.

To learn more and apply, please visit www.hawaiihomemag.com/hui-kapili-accelerator.

About Hui Kapili Accelerator       
Co-sponsored by American Savings Bank and aio, Hui Kapili Accelerator aims to address Hawaii's construction labor shortage and foster sustainable growth within the industry. Hawaii Home + Remodeling Magazine, an aio publication, has been supporting the building and construction industry in Hawaii for over 42 years.