Hawaiʻi has completed its economic recovery from the pandemic — and may see a bump from local construction projects.
That’s according to the University of Hawaiʻi Economic Research Organization, which released its latest quarterly forecast on Friday.
UHERO Executive Director Carl Bonham said the overall picture is one of continued growth — just slower.
He raised concerns that economic growth will slow as population levels remain flat.
“Statewide, what we're talking about is no population growth, or incredibly limited population growth all the way up to the end of this forecast period, which means very low, very, very little labor force growth," Bonham said.
He said that would lead to job growth under 1% and 2% of real income growth.
UHERO also predicts a 2% growth in visitor arrivals, which is still buoyed by tourists from the continental U.S.
Japanese visitor numbers are growing but are still more than half their pre-pandemic level.
The report also notes that large federal and state contracts have boosted the construction industry. UHERO says the industry will add 2,500 workers over the next three years to meet the labor demand needed for Maui rebuilding.
To read the full report, click here.
