Forecasts
UHERO Forecasts provide the Hawaii community with analysis of economic trends in the State and the Asia-Pacific region.
Hawaii Construction Forecast: Construction Easing, But More in the Pipeline
After several years of rapid expansion, the pace of building has eased. A number of significant condo and retail projects have wrapped up on Oahu, while fewer new buildings have broken ground, resulting in an overall reduction in construction activity and employment. But statewide there remain enough new projects in the pipeline to maintain construction […]
Read MoreUHERO County Forecast: Economies Still Growing, But Slowing
Prospects are good for continued growth in each of Hawaii’s four counties, if at a slower pace than in recent years. The tourism expansion has staying power, but capacity constraints will necessarily limit future gains. Construction is approaching or settling at the peak for this cycle, and tight labor markets will mean a deceleration of […]
Read MoreUHERO State Forecast Update: Growth Continues, For Now
Hawaii’s economy has started the year in fine form. Moderate job and income growth are continuing, and generally favorable global and national conditions are maintaining impressive tourism numbers. The construction buildup has eased, but the industry remains very active. While developments in Washington could hurt us, for now prospects look good for continued growth, if […]
Read MoreUHERO State Forecast Update: As Growth Ebbs, Risks Swell
After seven years of sustained growth in the Islands, deceleration is now underway. In part this stems from the slowing pace of construction industry expansion. But it also reflects a generalized slowing as demand growth eases and labor markets tighten. Tourism has kept up a record-breaking pace longer than expected; still, there will only be […]
Read MoreAnnual Hawaii Forecast with Asia-Pacific Outlook: Healthy Economy Faces New Administration Risks
The Hawaii economy continues to perform well. Visitors are up, unemployment is down, and the pace of building remains healthy. But the expansion, now in its seventh year, has yet to fully restore household incomes. And increments to growth will be smaller going forward, with a topping out of construction in 2018 and slowing of […]
Read MoreUHERO State Forecast Update: Hawaii Growth Downshifting
Hawaii’s economy continues to roll along, but with signs of a slowdown ahead. The environment for tourism remains guarded, and the maturing of the construction cycle will remove what has been a major impetus for growth. Compared with recent experience, average rates of growth for jobs and income will trend lower over the next several […]
Read MoreHawaii Construction Forecast: Building Cycle Approaches Peak
Construction has accelerated over the past year and will approach its cyclical peak over the next. Jobs and income are now growing at double-digit rates, driven by strength across all major sub-sectors and, increasingly, all counties. Increments to growth will be much smaller going forward, and activity will begin to fall off by 2018 as […]
Read MoreUHERO County Forecast: Counties Share Positive Outlook, But Face Individual Challenges
Hawaii’s four counties are moving steadily forward, accommodating new visitors, restoring lost jobs, and growing household incomes. Prospects remain good for the next few years, supported by health in the US economy, local labor markets, and construction. Growth rates will begin to trend lower, as each county converges toward its trend path and as construction […]
Read MoreUHERO State Forecast Update: Growing in a Riskier World
Like the U.S. economy overall, Hawaii continues on a moderate growth path despite financial market volatility, a surging dollar, and global slowing. To be sure, record-setting levels of visitor activity are beginning to feel the adverse effects, but construction strength and a pause in federal sequestration have arrived at just the right time. While risks […]
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