HONOLULU, Hawaii (HawaiiNewsNow) - Each of Hawaii’s four counties has seen economic growth slow over the last year, and the near-term forecast calls for more of the same, a UH report concludes.
The University of Hawaii’s Economic Research Organization says that all counties have seen a “falloff” of tourism activity and a slowing of employment growth in a number of sectors.
Over the coming year, the report predicts:
- An uptick in visitor arrivals, but a decline in visitor growth overall give a “weak external environment,” high tourism costs and capacity constraints.
- Limited employment growth, in part due to a marked slowing of population growth and a transitory decline on Oahu.
- A maturing but still healthy construction industry thanks to a number of projects in the pipeline.
The report stresses that while economic activity across all four counties is slowing, their underlying economic health “remains largely intact.”
“The generalized slowing does, however, leave them more vulnerable to adverse shocks, whether arising locally or in the global economy,” the report said.
“At the same time, a slower pace of growth provides breathing space in counties that have struggled to absorb the impact of sustained growth on resources and communities.”