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Hawai'i Economic Forecast Update:
Robust Growth and Inflation Will Continue in 2005

Posted November 22, 2004 | Categories: Forecasts, Hawaii's Economy

Hawai'i's economic prospects continue to look good. Both job and real income growth will finish the year with greater than 2% gains, and there is plenty of momentum heading into 2005. The Japanese visitor recovery has been a bit more attenuated than we expected a year ago, but U.S. mainland visitors have taken up any slack. While income growth in construction has been weaker than expected in the year's first half, we expect the industry to be a substantial support for growth over the next several years. Persistent high energy prices have taken a bit off performance this year and will continue to act as a drag on the economy. Over the next two years the economy will remain healthy, with a slowing of job growth as the expansion runs up against capacity constraints and a slower external environment.

forecast Summary

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