According to a report released by the University of Hawaii Economic Research Organization (UHERO), economic conditions on the neighbor islands will start to show signs of rebound over the next few years. The report stated that the construction industry on the neighbor islands has finally reached its bottom, and there will be a slow amount of expansion in both residential and commercial sectors in the near future. The tourism industry is also seeing some signs of life, especially from international markets other than Japan.
The following quotation is taken directly from the UHERO report: “Construction will finally turn the corner on the neighbor islands, and Oahu will feel the positive effect of renewed commercial activity and the initial phases of work on rail rapid transit. In broad brushstrokes the recovery in Hawaii’s counties is progressing more or less as we expected. The visitor industry is doing a bit better than anticipated, and it is taking longer than we had hoped to see job growth spread beyond the tourism sectors. But we always knew this would be an uphill struggle to see adequate growth restored in the wake of the financial crisis.”
Source: Honolulu Star Advertiser, 5-18-2012, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, Realtor®
Global Executive Realty, LLC
www.myhawaiihomesearch.com
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