The state Council on Revenues announced that the growth forecast for this fiscal year (which ends on June 30th) remains unchanged at 6.7 percent, but increased projections for the next fiscal year to 8 percent thanks to predicted improvements in the construction industry. Previously, the Council on Revenues had predicted a 7.3 percent increase in the 2014 fiscal year, and this updated forecast would mean an addition $37 million in revenue for the state.
With several new housing and condominium projects being presented in Kakaako and central Oahu, as well as the expected resumption of the $5.26 billion Honolulu Rail Project, the state Council of Revenues feels that the construction industry will really pick up over the next few years. Governor Neil Abercrombie commented, “Our economy is strong and appears to be getting stronger. Hawaii continues to lead the U.S. amongst states with significant revenue growth possibilities. We expect to see continued improvement in the construction industry, real estate market, agriculture and small business activity as well the hospitality industry.”
Source: Honolulu Star Advertiser, 5-29-2013, 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
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, Realtor®
Global Executive Realty, LLC
www.myhawaiihomesearch.com
www.myhawaiicondo.com
www.myhawaiidreamhome.com
