Economy
Hawai’i Construction Forecast Update: Global Downturn Hammers Construction
The global credit crisis and deepening recession have materially worsened prospects for the Hawai’i construction industry. Commercial and resort building are in retreat, hampered by a bleak national outlook and financing constraints. The residential construction downturn will continue as income and wealth losses undermine housing demand. We now expect a deeper adjustment in the local […]
Read MoreUHERO partners with KITV News
UHERO has launched a new partnership with KITV, the ABC network affiliate in Honolulu. Every Friday at 6:35 a.m., the KITV 4 Island Television News Morning Show will feature the UHERO Report, an analysis of the week’s local, national and global economic news. Morning Show hosts Dan Maisenzahl and Mahealani Richardson will interview an economist […]
Read MoreUHERO Hawai’i Quarterly Forecast Update: Weak Growth Expected in New Year
Prospects are good for an early-2010 return to growth in Hawai’i. Recent data suggest we are past the trough of the visitor industry downturn, and gradual improvement will occur as the global recovery takes hold. The construction cycle is expected to bottom out late next year. After steep losses, most industries will begin to start […]
Read MoreThe Passenger Vessel Services Act and America’s Cruise Tourism Industry working paper
The Passenger Vessel Services Act (PVSA), a 123-year old cabotage law, attempts to shield U.S. maritime shipping from foreign competition. It also applies to the U.S. cruise ship industry. The PVSA requires foreign cruise ships that carry passengers between U.S. ports to also stop at foreign ports. Norwegian Cruise Line America (NCLA), which operates one […]
Read MoreTaxing Timeshare Occupancy
In this paper, we evaluate the manner in which timeshare occupancy is taxed in the State of Hawaii. Our objective is to ascertain how best to design a timeshare occupancy tax that treats all types of visitor accommodations equitably and enhances tourism’s net economic benefit to Hawaii’s residents. In particular, we address two concerns. First, […]
Read MoreHawai’i Quarterly Forecast Update: No Quick Recovery from Hawai’i Recession
The global financial crisis and widening global downturn have materially worsened prospects for the Hawai’i economy. Economic conditions are now poor in virtually every visitor market, and as a result we expect the current sharp tourism downturn to continue well into next year, with no significant recovery until 2010. Moderate contraction of the construction industry […]
Read MoreGlobal Economic Forecast: Crisis Contagion Spreads Global Recession
The unfolding financial crisis will cause the deepest slowdown of global growth in many years. In 2009, the rich world will be in recession, and developing economies will suffer a sharp reduction in growth rates. The anticipated depth and duration of recession in the U.S. and Japan will present additional challenges for Hawai’i’s ailing visitor […]
Read MoreEconomic Impacts of E. Coqui frogs in Hawaii
Hawaii’s geographical isolation has resulted in the development of unique and fragile ecosystems in which the arrival of a new species may create dramatic changes in the ecology, and now the economy, of the islands. Successful establishment rates for new species before the arrival of humans in the early 1st millennium AD may have been […]
Read MoreSpecial Report: Maui Construction Jobs Down 12% since March
The momentum created in Maui’s construction sector by soaring median home and condo prices, inexpensive financing, and multiple luxury resort developments has dissipated over the past two years. With the deepening financial crisis and a substantially weaker housing market, employment in the contracting sector on Maui has taken a tumble this year. Because construction has […]
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