Local economy not yet reaping the benefits of tourism growth. The record growth Hawaii’s tourism sector is experiencing this year has yet to translate into benefits for the broader economy, which remains mostly stagnant, the latest forecast by University of Hawaii economists says.
The state’s economy is still being hampered by slowdowns in the construction industry and public works projects, as well as lingering caution among consumers and businesses, the University of Hawaii Economic Research Organization said in its annual forecast released today.
“The tourism industry is on a tear, posting impressive rates of growth (while), with a few exceptions, the rest of the local economy is going nowhere,” the UHERO report said.
Maui is responsible for a couple of the bright spots, including a surge in construction jobs so far this year and a declining unemployment rate.
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