HONOLULU (KHNL) - A new report from the Department of Business, Economic Development & Tourism predicts slow growth in Hawaii's economy through 2009.
DBEDT's report expects the state's real gross domestic product to show only slight growth in 2008 and no growth in 2009.
Real personal income is forcast to decline slightly in both 2008 and 2009.
Total wage and salary jobs will likely show no growth in 2008 and slight decline in 2009.
Total visitor arrivals and expenditures to decline substantially in 2008 and to a lesser extent in 2009.
DBEDT says financial conditions in the U.S. and international markets are the reasons to forestall the growth.
"Hawai‘i's economy has so far avoided the degree of economic slowdown experienced nationally. However, the impact of the financial uncertainties can be seen in the slowing of our construction and tourism sectors and will impact the state's economy through next year," said DBEDT Director Theodore E. Liu.
Liu says there are a few bright spots to point to, including continued federal and military spending in Hawaii, and aggressive effort by the state to speed up capital improvement construction projects.