Tourism statistics continue to reach record highs, and the Hawaii construction industry is finally showing clear, measurable signs of rebounding — positive news that prompted the state Council on Revenues on Thursday to predict a healthy 4 percent growth in personal income for island residents in 2015 and 2016.

The council is a panel of economists and other experts who predict state tax collections for each year, a projection the governor and state lawmakers then use as the basis for the state budget. The council also estimates how much personal incomes will grow or decline for Hawaii residents each year.

Last November, the council projected 3.5 percent personal income growth for Hawaii residents for 2015, but on Thursday the panel boosted that projection to 4 percent.

Carl Bonham, a University of Hawaii professor of economics, said the second half of 2015 likely will continue to be characterized by record tourism arrivals and continued growth in construction.

"Overall, we’re seeing activity there that will help propel the economy forward," he said.

The labor market is continuing to tighten, although there is still some slack there because "there are still people entering the labor force who were discouraged workers or had left the labor force for whatever reason," he said. "We still have room to the end of this year and next year, and even into 2017 probably to continue to grow."

However, if current trends continue, Bonham said employers are likely to encounter some difficulty in finding skilled workers, and labor costs likely will increase.

Interest rates are expected to increase by the end of this year, but Bonham said that anticipated increase won’t be large enough to curb the growth in the local construction industry.

"If we get 4 percent (personal income growth) for 2015, and we get inflation of around 1 percent, which I think is where we’re going to end up, then that will be a pretty decent year," he said. "Three percent real (income) growth is pretty good."