POSTED: 02:18 p.m. HST, Aug 16, 2012
Hawaii’s economy is growing slower than previously thought despite a better-than-expected performance by the visitor industry, according to a new report released by the state today.
Various economic indicators for 2012, including job growth, personal income and gross domestic product, were revised downward from the last forecast released in May by the Department of Business, Economic Development and Tourism.
At the same time, DBEDT revised upward its estimates for visitor arrivals and spending this year. The agency is forecasting record highs in both categories. Spending is expected to rise to $14.12 billion this year, up from DBEDT’s previous estimate of $13.92 billion. DBEDT is forecasting 7.93 million will travel to Hawaii this year, up from 7.75 million forecast in May.
“While non-tourism sectors have still not fully rebounded they are showing positive signs of recovery. That’s why we are focused on policy tools and state support in areas such as construction, renewable energy and light manufacturing,” said Richard Lim, DBEDT director.