UHERO predicts faster Hawaii economic recovery, citing COVID vaccines, travel demand
HONOLULU, Hawaii (HawaiiNewsNow) - The University of Hawaii Economic Research Organization predicted a faster recovery for Hawaii’s economy, citing high COVID vaccination rates and pent up demand for travel from the mainland.
In UHERO’s latest report released on Friday, experts said although full-recovery from the pandemic will take years to accomplish, the state’s economy is improving.
According to the report, increased COVID vaccinations across the country resulted in more visitors coming to Hawaii from the continental United States.
UHERO said visitor arrivals are expected to exceed more than 70% of pre-pandemic levels by late summer.
However, economists said international markets will be much slower to recover, citing lagging vaccination rates, large numbers of infections and other obstacles to travel overseas.
While tourism is growing for the state, experts said hiring is trailing behind. UHERO said the reason for a shortage of workers is because some have left state, lingering concerns of the virus and lack of child care while children were out of school.
UHERO said vaccination progress will support an improvement of job gains.
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