According to a report released by the University of Hawaii Economic Research Organization (UHERO), Hawaii’s visitor industry has been key to the state’s economic growth in 2012. However, UHERO warns that other sectors must improve if the state would like to see full economic recovery. The report stated, “Except for pockets of activity, many non-tourism sectors of the local economy continue to suffer. The tourism boom has yet to spill over. In any case, there is only so much tourism capacity, so gains on the scale of recent growth will not be sustained indefinitely.”
The report also stated, “This time, on top of a weakening global environment, we face the unknown outcome of the fall elections, which have potentially far-reaching implications for government and the economy for years to come. Already, the tenor of political debate and the great uncertainty about what may happen after November 6 are likely contributing to reticence on the part of U.S. households and businesses to commit to new spending.”
UHERO predicts that the state’s ecomony will grow by a total of 1.1 percent in 2012. They are predicting that the state’s economy will grow by 3.1 percent in 2013.
Source: Honolulu Star Advertiser, 7-27-2012, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, Realtor®
Global Executive Realty, LLC
www.myhawaiihomesearch.com
www.myhawaiicondo.com
www.myhawaiidreamhome.com
