POSTED: 12:27 p.m. HST, Nov 18, 2013
LAST UPDATED: 12:40 p.m. HST, Nov 18, 2013
Honolulu's economic growth rate this year ranks in the bottom half of the nation's metropolitan areas, and it is expected to lag again in 2014, according to a report released today by the U.S. Conference of Mayors.
Honolulu's economy, as measured by gross metropolitan product, is forecast grow only 0.3 percent in 2013, the 219th lowest rate out of 363 metro areas surveyed for the report. The 2013 GMP forecast for all metro areas is 1.6 percent.
Honolulu's GMP is expected to accelerate to 1.7 percent in 2014 compared to a national average of 2.5 percent.
Honolulu's economic output is forecast to total $57.6 billion in 2013, the 51st highest of all U.S. metro areas, according to the report done for the Conference of Mayors by IHS Global Insight.
The report also compared the size of U.S. metropolitan economies with countries across the globe. Honolulu ranked 124th on that list, one notch behind Luxembourg at $57.1 billion, and ahead of Croatia at $56.5 billion.