Carl Bonham of UHERO, the UH Economic Research Organization, gave the briefing. He said our economy is still growing and our visitor counts are still rising.
But visitor spending is growing more slowly, just about keeping pace with inflation. Housing construction continues NOT to keep pace with demand. Bonham calls this an opportunity, since more housing construction would be good for employment.
I chose one slide from his PowerPoint presentation to spotlight. “Slow growth is better than the alternative” tracks job growth and income growth. On the left you see the recession after the market crash of 2008. In 2017, job growth and real income grew more slowly.
Note that term “real income,” which means, income after dialing out inflation. It’s a little troubling because there has been so little inflation to dial out.
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