State Reduces Economic Growth Forecast for 2013

The state Department of Business, Economic Development and Tourism has reduced their economic growth forecast from 2.6 percent to 2.4 percent for 2013.  This is primarily due to declines in the visitor arrivals and spending over the last few months.  Experts believe that the visitor industry slow down can be directly attributed to the federal government shutdown in October, higher room rates in Hawaii, and the deprecation of the Japanese yen.  However, DBEDT predicts that 2014 should see a 2.8 percent increase from 2013, thanks to an improving construction industry and lowering unemployment rates.

Source: Honolulu Star Advertiser, 12-5-2013, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, REALTOR®
Global Executive Realty, LLC
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