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Honolulu’s economy contracts by 1.3% in 2009, report says

Honolulu’s economy contracted by 1.3 percent in 2009, but the drop was smaller than average decline for the nation’s metropolitan areas, according to a report released today.

Honolulu’s inflation-adjusted gross domestic product, the broadest measure of economic activity for the city, totaled $44.7 billion in 2009, down from $45.3 billion the year before, the Bureau of Economic Analysis reported. The average decline for the nation’s 366 metro areas was 2.4 percent.

The biggest factor in Honolulu’s decline was the transportation and utilities sector,  which accounted for 0.72 percentage point of the change. Construction activity accounted for 0.70 percentage point.
The declines were partly offset by increases in government, nondurable goods manufacturing and trade, according to the BEA.

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