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Sumner La Croix on PBS Hawaii Insights: Will Our Children Ever Be Able to Afford to Live in Hawaii?

There seems to be no end to the rising cost of living in Hawaii. The high prices of housing, groceries, gas and other necessities make it more and more difficult for us to live in today's paradise. But what about our children? If it's this hard to make ends meet now, what will life in Hawaii be like for future generations? UHERO's Sumner La Croix joins Daryl Huff and guests on Insights on PBS Hawaii to discuss how these issues impact the islands' middle class residents. 

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The Conversation: Carl Bonham on the Hawaii Construction Forecast

Posted March 30, 2015 | Categories: Media

UHERO Executive Director Carl Bonham appears on The Conversation to talk about UHERO's Hawaii Construction Forecast: Construction Building Up.

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Hawaii Construction Forecast: Construction Building Up

Posted March 27, 2015 | Categories: Forecasts

Last year’s construction gains were smaller than anticipated. Activity will ramp up a bit this year, as Kakaako condo building intensifies and new tourism-related projects add to the mix. The more attenuated schedule of rail building and lagging single-family development will generate a lower and later peak to the current construction cycle.

A summary of this forecast is available as a service to the public. For more detailed analysis, subscribe to UHERO's Forecast Project.

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Economic Impact of the Natural Energy Laboratory Hawaii Authority Tenants on the State of Hawaii

The Natural Energy Laboratory Hawaii Authority (NELHA) contracted UHERO to estimate its economic impact on the State of Hawaii. NELHA currently accommodates 37 tenants ranging from companies bottling deep sea water to solar and biofuel companies. These tenants pay close to $2 million in rent, royalties and pass through expense directly to NELHA. In addition, they employ hundreds of people, purchase goods and services from local businesses, and invest in capital improvements at NELHA.

This research determines NELHA’s contribution to local business sales, employee earnings, tax revenues, and number of jobs in Hawaii from the expenditures of its tenants in 2013. NELHA provides additional benefits to the state of Hawaii that this study does not capture but are important to consider when evaluating NELHA’s overall footprint on the economy.

PROJECT REPORT


The Conversation: Byron Gangnes on the State Forecast Update

Posted February 27, 2015 | Categories: Media

UHERO Senior Research Fellow and Professor of Economics Byron Gangnes appears on The Conversation to talk about UHERO's State Forecast Update: Hawaii on Steady Course for 2015.

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Hawaii News Now: Carl Bonham on the State Forecast Update

Posted February 27, 2015 | Categories: Media

UHERO Executive Director and Professor of Economics Carl Bonham appears on Sunrise with Howard Dicus to discuss UHERO's latest State Forecast Update: Hawaii on Steady Course for 2015.

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UHERO State Forecast Update: Hawaii on Steady Course for 2015

The Hawaii economy in 2015 will look a lot like last year’s. Tourism will see only marginal gains, but steady labor market improvement will continue, and there will be moderate income growth. While not all damage from the past recession has been repaired, by many measures economic activity in the state is returning to normal.

A summary of this forecast is available as a service to the public. For more detailed analysis, subscribe to UHERO's Forecast Project.

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Creating "Paradise of the Pacific": How Tourism Began in Hawaii

This article recounts the early years of one of the most successful tourist destinations in the world, Hawaii, from about 1870 to 1940. Tourism began in Hawaii when faster and more predictable steamships replaced sailing vessels in trans-Pacific travel. Governments (international, national, and local) were influential in shaping the way Hawaii tourism developed, from government mail subsidies to steamship companies, local funding for tourism promotion, and America’s protective legislation on domestic shipping. Hawaii also reaped a windfall from its location at the crossroads of the major trade routes in the Pacific region. The article concludes with policy lessons.

WORKING PAPER


Chamber of Commerce Hawaii: State of the Economy Presentation

Carl Bonham presented this 2014 economic recap and 2015 forecast on January 20, 2015 at an event hosted by the Chamber of Commerce Hawaii.

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Why Are There So Few Women in Executive Positions? An Analysis of Gender Differences in the Life-Cycle of Executive Employment

“Glass ceilings” and “sticky floors” are typical explanations for the low representation of women in top executive positions, but a focus on gender differences in promotions provides only a partial explanation. We consider the life-cycle of executive employment, which allows for a full characterization of the gender composition of executive management. We establish that there are few women in executive management because they have lower levels of human capital, are underrepresented in lower-level jobs, and are less likely to be perceived as high-productivity employees. We do not find that women have uniformly unfavorable promotion and demotion probabilities.

WORKING PAPER


Benefit-Cost Analysis of Watershed Conservation

The objectives of this report are (1) to review studies that estimate the relationship between watershed conservation activities and groundwater recharge in Hawai‘i and (2) to estimate the volume of freshwater yield saved per dollar invested in conservation at several sites on Hawai‘i Island. We conclude from the literature review that more work should be done to integrate information from smaller-scale studies of invasive-native water use differences into regional water balance models. This would help to inform decisions related to watershed conservation activities statewide. Using budget information obtained from the Nature Conservancy and the Division of Forestry and Wildlife as well as publicly available landcover and evapotranspiration (ET) data, we estimate the gallons of freshwater yield saved per dollar invested in watershed conservation. Under baseline conditions—a 3 percent discount rate and a 10 percent rate of spread for existing invasive plant species—roughly 400 gallons are saved on average across management sites per dollar invested. In other words, about $2.50 in present value terms is required to protect every one thousand gallons of freshwater over a 50 year time horizon. Annual benefits increase continuously as the avoided loss of freshwater yield rises over time, while conservation costs tend to be front-loaded, as a result of high fence installation and ungulate removal costs. Thus, it is important to consider the long run when comparing the benefits and costs of conservation activities.

working paper


The Economic Impact of Astronomy in Hawai‘i

The astronomy sector in Hawaii generates economic activity through its purchases from local businesses, its payment to its employees, and spending by students and visitors. In collaboration with the Institute for Astronomy, a survey was designed to obtain information from astronomy related entities about in-state expenditures. The collected survey data was used to estimate the astronomy sector’s total economic activity in each of Hawaii’s counties for the calendar year 2012. Following a standard Input-Output approach, we define economic impact to be the direct, indirect, and induced economic activities generated by the astronomy sector’s expenditures in the state economy, taking into account inter-county feedback and spillover effects.

Local astronomy related expenditures in calendar year 2012 were $58.43 million, $25.80 million, $1.28 million, and $2.58 million in Hawaii, Honolulu, Kauai, and Maui counties respectively. Total astronomy related spending in the state was $88.09 million. Including indirect and induced benefits and adjusting for inter-county feedback and spillover effects, the astronomy sector had a total impact of $167.86 million statewide. The largest impact was found to be in Hawaii County ($91.48 million), followed by Honolulu County ($68.43 million). Impacts were found to be relatively small in Maui County ($5.34 million) and Kauai County ($2.61 million). In addition to contributing to output, astronomy activities generated $52.26 million in earnings, $8.15 million in state taxes, and 1,394 jobs statewide.

PROJECT REPORT


Benefits and Costs of Implementing the IAPMO Green Plumbing and Mechanical Code Supplement in Hawaii

We calculate the benefits and costs of implementing the International Association of Plumbing and Mechanical Officials (IAPMO) 2012 Green Plumbing and Mechanical Code Supplement (GPMC) for various building types in Hawaii, with particular emphasis on water-use efficiency provisions in the code. Benefits of the GPMC are measured as water savings, where baseline usage is estimated in accordance with the 2012 Uniform Plumbing Code (UPC), which has been recently adopted by the state and will soon be adopted by the counties. We also monetize those benefits at the household level (water bill savings) and at the state level (cost savings to the water supply boards and departments throughout the state). Based on discussions with plumbers, building contractors, developers, architects, mechanical engineers, planners, and other water specialists, as well as an assessment of prices at major home improvement stores and other online retailers, we estimate the costs of GPMC compliance for new structures planned for Hawaii over the next decade. If the GPMC is implemented, the payback period is two years and the net present value assuming a discount rate of zero is $15.13 million. For a discount rate of 5%, the NPV is $11.29 million.

PROJECT REPORT
 


The Conversation: Byron Gangnes on the Asia-Pacific Forecast

Posted December 8, 2014 | Categories: Media

UHERO Senior Research Fellow and Professor of Economics Byron Gangnes appears on The Conversation to talk about UHERO's State Forecast Update: Hawaii's Economy in Need of an Engine.

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UHERO Asia-Pacific Forecast: Moderate Regional Growth Faces Rising Risks

Posted December 4, 2014 | Categories: Forecasts

The Asia-Pacific economy slowed this year, and only slight acceleration is expected in 2015. While US economic conditions are steadily improving, Japan has had to delay for now additional tax hikes after the first one prompted contraction. Lower oil prices will be an overall plus for the global economy, even if they pose challenges for commodity exporters. China’s structural transformation and the eurozone’s struggle to move onto a satisfactory growth path continue to hold back global trade. This limits prospects for exportdependent East and Southeast Asia.

A summary of this forecast is available as a service to the public. For more detailed analysis, subscribe to UHERO's Forecast Project.

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