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County Economic Forecast:
Zero Growth Expected Statewide

Posted May 9, 2008 | Categories: Forecasts, Hawaii's Economy

To varying degrees, each of the four counties has shared in the state’s broad pattern of slowing over the past several years, a process that becamemore pronounced in 2007. This synchronized slowing is nomistake, reflecting broad statewide—and even global—slowing trends in construction, visitor spending and overall economic activity. There are similarly common adverse developments that will influence the county economies over the next several years. These include the failures of Aloha Airlines and ATA, the loss of two NCL cruise ships, a weak external environment for tourism, and the turning of the statewide construction cycle. This year, job and real income growth will fall in a fairly tight range around 0% in each of the four county economies. Our expectation is that it will be several years before the islands return to a moderate pace of economic expansion.

forecast Summary

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