Jack Suyderhoud is the economic adviser to First Hawaiian Bank and a professor of business economics at the University of Hawaii Shidler College of Business. At a presentation held for local business leaders, Suyderhoud was cautiously optimistic about what 2015 will look like for the state of Hawaii, thanks to several construction projects that will provide a much needed boost. Suyerhoud stated, "Despite erratic tourism patterns and slow, but promising, construction spending, the Hawaii state economy has built some internal momentum so that output, jobs and incomes are expected to expand overall next year with continued strength in most sectors. I am cautiously optimistic about the economic outlook for the rest of 2014 and 2015. Tourism will contribute to growth, but construction will finally fulfill its anticipated role as the leading growth engine in 2015."
According to his presentation, Suyderhoud estimates that the construction industry will increase their revenue by about 12 percent next year and as a result will also be increasing their hiring. Suyderhoud commented, "There has also been a change in the composition of the construction with more emphasis on high-density housing that uses a lot of concrete and specialized labor, away from single-family housing that uses more lumber and carpenters. More projects face regulatory and community hurdles that are delaying construction."
In terms of visitor arrivals, it is predicted that they would increase by about 2 percent in 2015 and the state should see an increase in visitor spending by about 2.9 percent. Unemployment should drop to around 3.9 percent by the end of 2015.
Source: Honolulu Star Advertiser, 10-30-2014, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Principal Broker, REALTOR®
Global Executive Realty, LLC
www.myhawaiihomesearch.com
www.myhawaiicondo.com
www.myhawaiidreamhome.com
Posted by Jeff Uyemura-Reyes, Principal Broker, REALTOR®
Global Executive Realty, LLC
www.myhawaiihomesearch.com
www.myhawaiicondo.com
www.myhawaiidreamhome.com
