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Council on Revenues increases growth forecast for local economy

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Ken Lund
/
Flickr

The state Council on Revenues says Hawaiʻi’s economy is picking up speed. It's raising its growth forecast for the fiscal year 2023 from 5% to 6.5%.

At the time of its last forecast in May, tax revenues had grown but some longer-term uncertainty led the council to a more cautious outlook.

Now, expectations of higher international visitor arrivals and construction activity led members to approve a 1.5% raise to their last forecast.

Council members are still concerned about the impacts of inflation, rising interest rates, as well as a strong U.S. dollar on international travelers.

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