Recent developments bring both promise and peril for Hawaii. Tourism prospects are positive, despite the delayed Japanese market recovery. Construction activity will remain high, and inflation is receding rapidly, setting the stage for real income gains. On the flip side, the Fed’s aggressive rate hikes and liquidity problems sparked by recent bank failures threaten the US and global economies. A national recession will weigh on Hawaii later this year, but local sources of strength should keep our heads above water.
UHERO’s Peter Fuleky provides a summary of the 2023 second quarter forecast report in this episode of “UHERO Focus”