According to a report issued by First Hawaiian Bank, credit and debit card sales increased by 7.4 percent during the fourth quarter of 2014. This amounts to $763.8 million as compared to the $711 million in the same quarter a year prior. Bob Harrison, the chairman, president and CEO of First Hawaiian Bank, stated, "The economy continues to grow. Lower energy costs will continue to help the customer because they'll be spending less on electricity. That will give them more disposable income, which will be good for the rest of the economy. This report is a really good reflection of consumer confidence. Construction employment has gone up, and a lot of projects are going up in Honolulu. We see further strength in 2015. For the Japanese visitor, the yen has weakened considerably over the last 12 months, but they're still coming to Hawaii. We're still optimistic for another strong year. I think the strong economy will certainly help the mainland visitors to Hawaii as well." First Hawaiian is the largest bank in Hawaii with $18.1 billion in assets.
Source: Honolulu Star Advertiser, 1-18-2015, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Principal Broker, REALTOR®
Global Executive Realty, LLC