Maui Business

Hawaii Recovery Takes Hold according to UHERO Economic Forecast

March 26, 2010, 2:32 PM HST
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Hawai’i’s economic recovery has begun according to the latest economic    forecast released by the University of Hawaii Economic Research Organization. The Spring report says employment is stabilizing, with many sectors expected to add modest numbers of jobs as the year progresses. While growth is resuming, the pace of recovery—according to the report—will be slow.  Improvements are expected for both U.S. and Japan visitor arrivals this year, with payroll jobs and real personal income showing improvement in 2011, according to the UHERO report.

The report states that while the visitor industry remains in a “deep slump”, arrivals numbers edged up slightly over the course of 2009 and visitor spending stabilized by year end. The department projects a 2.9% gain in arrivals this year, aided in part by additional airlift to the state.

In the construction sector, job losses and building permits slowed and flattened out by the year’s end.  According to the UHERO quarterly forecast, a short-term impulse from government contracts will lead to net hiring in the coming months.  Overall construction spending is expected to be 17% lower in 2010, but rise more than 4% in 2011.

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