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Outlook for the Hawai'i Economy

Posted December 18, 2000 | Categories: Forecasts, Hawaii's Economy

The Hawaii economy is enjoying its most robust growth in a decade, and all indicators continue to point to moderate business cycle expansion. Barring a hard landing for the US economy (see Global Soft Landing Still Best Bet), Hawaii's economy will grow by 3.6% in 2001, its fastest pace since 1990. While the external environment is cooling off somewhat, local demand will take over as the main catalyst of growth. Total visitor arrivals should rise by almost 3.5% in 2001, following a 4% rise in 2000. With the continued stength in Hawaii real estate, and the need for renovation/conversion of the visitor plant, construction activity will continue its rebound, with real contracting growing by more than 11% in 2001. Payroll jobs are expected to grow by 2.6%, and real personal income will accelerate from the 3.3% pace in 2000 to 3.6% growth in 2001. In Y2K+1 the Hawaii economy will grow at its fastest pace in 11 years and will likely exceed the US rate to boot!

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