The newest University of Hawaiʻi Economic Research Organization (UHERO) report focuses on the economic growth for Hawaiʻi.
Prospects are good for continued growth in each of Hawaiʻi’s four counties, if at a slower pace than in recent years. The tourism expansion has staying power, but capacity constraints will necessarily limit future gains. Construction is approaching or settling at the peak for this cycle, and tight labor markets will mean a deceleration of growth across other sectors. The counties share common risks, primarily from the continuing policy uncertainties emanating from Washington, D.C.
- Tourism continues to climb to new heights in all counties, and there will be further incremental gains.
- Construction is now at or near its cyclical peak in all counties.
- Labor markets have been restored to health, and with unemployment now at low levels job growth will be more limited going forward.
- The counties face common uncertainties, both for specific industries and more broadly.