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.
