Thursday, March 28, 2024
Hawai'i Free Press

Current Articles | Archives

Saturday, December 21, 2019
UHERO: Hawaii economy enters soft patch
By UHERO @ 1:00 AM :: 3841 Views :: Economy, Hawaii Statistics, Cost of Living

UHERO forecast: External factors impacting Hawai‘i economy

From UH News, December 20, 2019

The newest University of Hawai’i Economic Research Organization (UHERO) report focusing on the outlook for key economies beyond Hawai’i’s shores found that issues outside of the state are restraining areas of the local economy.

UHERO reports that Hawai’i’s economy has entered a soft patch. Falling visitor spending and a declining population have suppressed demand and halted growth in nonfarm payrolls. However, the construction industry is holding up, and the number of visitor arrivals continues to grow.

Despite the fluctuations in the economy globally, UHERO expects an improvement in the external environment which could also benefit Hawai’i’s economy in future years. UHERO reports how the following factors have impacted the local economy.

Highlights

Visitor arrivals are heading for another record, set to exceed 10 million this year for the first time. While arrivals will continue to grow at a modest pace, real visitor spending will break even at best next year.

The local hotel industry is performing better than the national average. Airline capacity is also rising on both inter-island and mainland routes, following the entry of Southwest Airlines.

Despite the decline in payrolls, the unemployment rate remains low by historical standards and labor income growth remains healthy. Relatively stable oil prices and moderately rising shelter costs will keep overall inflation subdued.

Challenges

The state’s population has been declining for the past three years, in part because of outward migration.

The global economy has been dragged down by the trade war and softness in a number of large countries, resulting in the weakest growth since the global financial crisis.

Japan’s economy has taken a hit from global trade and another from the November consumption tax hike. Trade woes are also weighing heavily on Korea and many emerging Asian economies.

Risks of a more negative downside have grown, including global weakening, ongoing trade disputes and political uncertainty.

For a full public summary go to the University of Hawai’i Economic Research Organization website and for a detailed analysis, subscribe to UHERO’s Forecast Project.

PDF: Executive Summary

SA: State economy will improve in 2020, UHERO report says

CB: Economists: High Living Costs Continue Driving Hawaii Residents Away

PBN: Hawaii's economy may be brighter in 2020, but not much, UHERO report says 

SOR: The trends affecting economic growth in Hawaii

Links

TEXT "follow HawaiiFreePress" to 40404

Register to Vote

2aHawaii

808 Silent Majority

Aloha Pregnancy Care Center

AntiPlanner

Antonio Gramsci Reading List

A Place for Women in Waipio

Ballotpedia Hawaii

Broken Trust

Build More Hawaiian Homes Working Group

Christian Homeschoolers of Hawaii

Cliff Slater's Second Opinion

DVids Hawaii

FIRE

Fix Oahu!

Frontline: The Fixers

Genetic Literacy Project

Grassroot Institute

Habele.org

Hawaii Aquarium Fish Report

Hawaii Aviation Preservation Society

Hawaii Catholic TV

Hawaii Christian Coalition

Hawaii Cigar Association

Hawaii ConCon Info

Hawaii Debt Clock

Hawaii Defense Foundation

Hawaii Family Forum

Hawaii Farmers and Ranchers United

Hawaii Farmer's Daughter

Hawaii Federalist Society

Hawaii Federation of Republican Women

Hawaii History Blog

Hawaii Homeschool Association

Hawaii Jihadi Trial

Hawaii Legal News

Hawaii Legal Short-Term Rental Alliance

Hawaii Matters

Hawaii's Partnership for Appropriate & Compassionate Care

Hawaii Public Charter School Network

Hawaii Rifle Association

Hawaii Shippers Council

Hawaii Smokers Alliance

Hawaii State Data Lab

Hawaii Together

HIEC.Coop

HiFiCo

Hiram Fong Papers

Homeschool Legal Defense Hawaii

Honolulu Moms for Liberty

Honolulu Navy League

Honolulu Traffic

House Minority Blog

Imua TMT

Inouye-Kwock, NYT 1992

Inside the Nature Conservancy

Inverse Condemnation

Investigative Project on Terrorism

July 4 in Hawaii

Kakaako Cares

Keep Hawaii's Heroes

Land and Power in Hawaii

Legislative Committee Analysis Tool

Lessons in Firearm Education

Lingle Years

Managed Care Matters -- Hawaii

Malama Pregnancy Center of Maui

MentalIllnessPolicy.org

Military Home Educators' Network Oahu

Missile Defense Advocacy

MIS Veterans Hawaii

NAMI Hawaii

Natatorium.org

National Christian Foundation Hawaii

National Parents Org Hawaii

NFIB Hawaii News

No GMO Means No Aloha

Not Dead Yet, Hawaii

NRA-ILA Hawaii

Oahu Alternative Transport

Obookiah

OHA Lies

Opt Out Today

OurFutureHawaii.com

Patients Rights Council Hawaii

PEACE Hawaii

People vs Machine

Practical Policy Institute of Hawaii

Pritchett Cartoons

Pro-GMO Hawaii

P.U.E.O.

RailRipoff.com

Rental by Owner Awareness Assn

ReRoute the Rail

Research Institute for Hawaii USA

Rick Hamada Show

RJ Rummel

Robotics Organizing Committee

School Choice in Hawaii

SenatorFong.com

Sink the Jones Act

Statehood for Guam

Talking Tax

Tax Foundation of Hawaii

The Real Hanabusa

Time Out Honolulu

Trustee Akina KWO Columns

UCC Truths

US Tax Foundation Hawaii Info

VAREP Honolulu

Waagey.org

West Maui Taxpayers Association

What Natalie Thinks

Whole Life Hawaii

Yes2TMT