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Economic Currents

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Hawai'i Quarterly Forecast Update: A Hard Fall for Hawai'i Tourism

Posted September 19, 2008 | Categories: Hawaii's Economy, Economic Forecasts

The U.S. downturn and record-high oil prices have taken a big bite out of the Hawai'i tourism industry. Visitor arrivals will tumble 9% this year, the biggest annual decline since 2001. Because of deteriorating conditions for the U.S., Japanese and global economies, we now believe that a visitor industry recovery will not begin until 2010. While economic statistics for the aggregate economy this year are coming in a bit better than expected, this will not last. With the steep tourism downturn, ongoing slowing in construction, and a developing state fiscal crunch, the Hawai'i economy is in for a weak 2009. 

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