According to a report released by the University of Hawaii Economic Research Organization (UHERO) the construction industry is expected to rebound in 2015 and help stimulate Hawaii's economic recovery. The report stated, "The building upturn has been slow to show up in construction jobs or in the contracting tax base. "However, overall permitting has been more positive. Considering the large number of planned condo projects on Oahu, rail construction and the need for single-family homes, we remain confident that much stronger performance is in the pipeline." It went on to add that construction jobs will expand by about 7 to 8 percent in the 2015-2016 period.
Regarding tourism, UHERO predicts about a 1.0 percent growth in arrivals in 2014, and a 2.2 percent growth in 2015. The report commented, "Better economic conditions in the U.S. and abroad will support some improvement, consistent with recent increases in scheduled airline seats. U.S. arrivals will firm while Japanese visitor numbers will be negative for the year. Visitors from other countries will rise fastest, but down from the heady rates of increase of recent years."
Source: Honolulu Star Advertiser, 8-8-2014, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Principal Broker, REALTOR®
Global Executive Realty, LLC
www.myhawaiihomesearch.com
www.myhawaiicondo.com
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