The University of Hawaii Economic Research Organization (UHERO) has released a report stating that Hawaii will experience broader economic growth in 2012, due to a recovery in the construction and government sectors. The report predicts that construction jobs will grow by 1.3 percent in 2012, which would represent the first annual increase since 2007. Government jobs would also increase by 0.1 percent, which would represent the first increase in government hiring since 2009.
UHERO also noted that the state’s tourism industry will be the main driving force in economic recovery, and should reach record setting levels in 2012 in both the number of visitors arriving in the state and their spending. The report stated, “After a slowdown in the middle of last year, the Hawaii visitor industry is now expanding at a healthy clip. Strong visitor performance is occurring across the state, although the neighbor island markets are not yet back to their pre-recession levels.”
Source: Honolulu Star Advertiser, 5-11-2012, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, Realtor®
Global Executive Realty, LLC
www.myhawaiihomesearch.com
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