According to a report issued by First Hawaiian Bank, credit and debit card transactions increased by 8.4 percent during the second quarter of 2013. The state's largest bank notes that an improving construction industry and strong visitor arrivals have definitely helped with consumer spending. President and CEO of First Hawaiian Bank, Bob Harrison, commented, "It's really encouraging seeing not only growth in the consumer numbers, but also seeing good starts on the construction side as well. Consumers are still holding up their end, and it's looking like construction is coming on strong as well. My hope is that this same trend continues and we continue to see solid single-digit or double-digit growth. If we can continue to see that type of growth for the rest of 2013, that would be very, very good news."
In related news, Matson Inc., the state's largest ocean shipping company, has noted that there has been an upward trend in both containers and automobiles. Chief Financial Officer for Matson Inc., Joel Wine, stated, "We think things have bottomed, and although we don't know what that slope of increase is going to look like, it feels like we're headed in the right direction. We've stabilized, and we're still in the early innings of a recovery." Wine added that the exact second quarter numbers will be released shortly in an official public statement.
Source: Honolulu Star Advertiser, 7-14-2013, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, REALTOR®
Global Executive Realty, LLC
www.myhawaiihomesearch.com
www.myhawaiicondo.com
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