Economy
UHERO Forecast for the State of Hawaii: US recession will weigh on Hawaii’s recovery
The economic horizon has darkened since our last forecast. The global economy has slowed sharply, and the US is headed for a mild recession in the first half of next year. Hawaii may well escape overall net job losses, thanks to the recovery of Japanese travel that is now finally underway. But high inflation, higher […]
Read MoreSumner La Croix awarded the Best Paper of 2021 by Economic Record
A paper by UHERO’s Sumner La Croix, “Australia’s Forgotten Copper Mining Boom: Understanding How South Australia Avoided Dutch Disease” was awarded the Best Paper of 2021 by the journal Economic Record. In an announcement, the selection panel stated, “While there were many excellent papers, the committee was of the view that this paper was a […]
Read MoreDiversifying Hawai‘i’s specialized economy: A spatial economic perspective
Specialization in tourism exposes the economy of Hawai‘i to external shocks that trigger collapses in tourist numbers. Furthermore, Hawai‘i’s economic growth has diminished for decades as the dominance of tourism has not generated productivity growth. In response, policy-makers in Hawai‘i increasingly emphasize diversification. This article examines a spatial economics perspective to explain why Hawai‘i is […]
Read MoreTo Tax or Not to Tax Sale of Food and Medicine
By James Mak Inflation is soaring at the highest rate since the early 1980s. Not surprisingly, many Hawaii residents are struggling financially today. Sadly, this has been true long before the pandemic and the recent spike in prices. In 2018, 42% of Hawaii households struggled to make ends meet; 33% were ALICE households, households that […]
Read MoreThe effects of the pandemic on the economy of Hawaii
The economy of Hawaii was extremely vulnerable to the COVID-19 pandemic due to its heavy reliance on tourism. This article is a thorough survey of issues affecting a tourism-dependent open economy during the COVID-19 pandemic. We provide a comprehensive analysis of the pandemic’s economic impact in Hawaii by comparing the actual outcomes during the affected […]
Read MoreIs O‘ahu’s new Comprehensive Economic Development Strategy strategic enough?
By Steven Bond-Smith The draft O‘ahu Comprehensive Economic Development Strategy (CEDS) for 2022-2026 is now out for public comment. The importance of the CEDS is highlighted by its requirement as a prerequisite for receiving funding from the Federal Economic Development Administration (EDA) under its Public Works and Economic Adjustment Assistance programs. It is also required to […]
Read MoreThe effects of COVID-19 vaccine mandates in Hawai‘i
Having been affected by the highest increase in COVID-19 cases since the start of the pandemic, Honolulu and Maui counties in Hawaii implemented vaccine passport mandates for select industries in September 2021. However, the degree to which such mandates impacted COVID-19 mitigation efforts and economics remains poorly understood. Herein, we describe the effects of these […]
Read MoreUHERO Forecast for the State of Hawaii: Foreign visitors will provide lift, but risks have multiplied
Hawaii’s recovery has resumed now that the Delta and Omicron waves are behind us. Once the Asian COVID-19 wave recedes, the long-awaited return of international visitors will begin later this spring. Hawaii’s delayed recovery from the pandemic means that we expect moderately strong growth, despite clearly deteriorating conditions in the US and global economies. The […]
Read MoreEconomic Impact of Astronomy in Hawai‘i: 2019 Update
Astronomy continues to be a sizable and stabilizing source of economic activity. In 2019, local astronomy related expenditures in the state totaled $110.02 million with $57.18 million, $35.22 million, $0.28 million, and $17.33 million spent in Hawai‘i, Honolulu, Kaua‘i, and Maui counties respectively. Including indirect and induced benefits and adjusting for inter-county feedback effects, the […]
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