Council on Revenues increases growth forecast for local economy
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.