According to a report released by First Hawaiian Bank, credit and debit card transactions increased by 8.3 percent during the third quarter of 2014, as compared to the same quarter a year ago. Bob Harrison, the chairman, president and chief executive officer of First Hawaiian Bank, stated, "The consumer in Hawaii and across the nation has done a great job of paying down debt and getting their financial house in order. But the consumer is also the primary driver of our economy. If they don't spend, then the economy can't grow. Hopefully with some of the numbers in the broad consumer categories increasing, people are feeling more comfortable spending."
Jack Suyderhoud, a professor of business economics at the University of Hawaii Shidler College of Business, commented, "What we're seeing this year is kind of an acceleration of spending. The first quarter was pretty slow. The second quarter picked up some speed, and in the third quarter we're seeing even more growth. That suggests to me that things have been picking up after a slow start for the year. I find encouraging in the numbers that for the last couple of quarters, the expenditure categories have been more kind of a local type of spending -- utilities, home furnishings and supermarkets. They've been among the leading sectors, which means we're seeing an internal momentum to the economy."
Source: Honolulu Star Advertiser, 10-10-2014, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Principal Broker, REALTOR®
Global Executive Realty, LLC
www.myhawaiihomesearch.com
www.myhawaiicondo.com
www.myhawaiidreamhome.com
Posted by Jeff Uyemura-Reyes, Principal Broker, REALTOR®
Global Executive Realty, LLC
www.myhawaiihomesearch.com
www.myhawaiicondo.com
www.myhawaiidreamhome.com
