It was a year that saw the end of an era in Hawaii and nearly the start of another one. The state’s economy also continued to hum along with stable growth, while a startup industry — medical marijuana — endured growing pains as it prepared to roll out.

In the end, Florida-based NextEra Energy Inc. lost its bid to purchase Hawaiian Electric Industries Inc. in what was a hotly contested utility deal that topped the list of business stories in 2016. The demise of the sugar industry finished a close second. The burgeoning construction industry, another tourism record and the infancy of the pot industry rounded out our top five.

1. NextEra-HEI deal fails. The state rejected the sale of Hawaii’s largest electrical utility this year after 19 months of review.

In July the state Public Utilities Commission denied NextEra’s $4.3 billion bid to buy HEI, parent company of Hawaiian Electric Co., Maui Electric Co. and Hawaii Electric Light Co. Through its subsidiaries, HEI provides power to 95 percent of Hawaii’s residents.

The vote was 2-0 against the sale, with one member of the three-person panel abstaining. The PUC said despite NextEra proving that it can perform the services that are currently offered by HEI’s electrical utilities, the Florida-based company failed to show that the deal was in the public interest.

PUC approval was needed for the companies to close the deal.

NextEra billed itself as “a leading clean energy company” and “the world’s largest generator of renewable energy from the wind and sun.”

NextEra critics, including Gov. David Ige, questioned the company’s commitment to Hawaii’s goal of generating 100 percent of its electric power from renewable sources by 2045.

2. Not-so-sweet ending for sugar. Sugar cane farming ceased being one of Hawaii’s biggest industries decades ago, but the closure of the last plantation here this year was one of the biggest events in the islands in 2016.

The closure of Hawaiian Commercial &Sugar Co. on Maui was a huge loss affecting jobs and Maui’s economy. It also marked the end of a plantation crop that long dominated the state’s economy and created a cultural melting pot with waves of immigrant laborers. At one time there were more than 150 sugar plantations in Hawaii.

HC&S, established 146 years ago, was Hawaii’s largest, covering 36,000 acres. About 645 people lost their jobs due to the closure. The company also bought around $60 million in goods and services from local vendors annually.

Honolulu-based Alexander &Baldwin Inc., owner of HC&S, said it had no hope of reversing what was a $30 million loss from sugar last year, and expected exiting the business will cost around $75 million in 2016.

3. Construction keeps rising. One of Hawaii’s main economic drivers really broke out in 2016 in response to demand for building retail centers, condominium towers, hotels, the city’s rail project and more.

Construction was pegged to come close to a cyclic peak this year, according to a recent University of Hawaii Economic Research Organization report.

Major projects ongoing or completed in 2016 include Ka Makana Alii in Kapolei, International Market Place in Waikiki, a Four Seasons hotel at Ko Olina, rail and several condo towers in Kakaako.

UHERO said the number of building industry jobs would likely rise 11 percent this year to about 38,800. Only a 1.7 percent gain is forecast for 2017, followed by a 1.1 percent decline in 2018.

Construction workers, who earn relatively high wages and spread their income around everywhere from clothing retailers to auto dealers, were primarily responsible for all the payroll growth in Hawaii over the last two years, UHERO said.

4. Tourism continues momentum. Hawaii’s visitor industry should achieve its fifth straight year of record arrivals and spending in 2016, its longest period of sustained growth in more than 30 years.

“If we maintain the current pace, this will be the fifth consecutive year of year-over-year growth for visitor arrivals and spending (not adjusted for inflation),” said Daniel Nahoopii, Hawaii Tourism Authority director of tourism research.

HTA has estimated a 2016 finish of over 8.8 million visitors, $15.6 billion in spending and 11.9 million air seats. Through November the state had 8.1 million visitors, $14 billion in spending and 10.9 million air seats. The records for arrivals and spending are 8.6 million and $15.2 billion, respectively.

“With the peak holiday travel season upon us, the (state) is in excellent position to set new yearly records in both categories, as well as (a record in) generated state tax revenue,” HTA President and CEO George Szigeti said.

The industry expects the momentum to carry into 2017.

5. Pot proponents get a whiff. The state granted licenses this year for Hawaii’s first medical marijuana dispensaries amid heated competition from politicians, celebrities and big-name businessmen.

Hawaii island farmer Richard Ha, former Maui Land &Pineapple CEO David Cole, insurance executive Colbert Matsumoto and Richard Lim, former director of the state Department of Business, Economic Development and Tourism, were among the winners of eight dispensary licenses in April, beating out dozens of others including actor Woody Harrelson and Hollywood producer Shep Gordon. The state reviewed 66 applications.

Hawaii legalized medical cannabis in 2000, but patients did not have a legal way to obtain the drug. Act 241, adopted last year, authorized the Health Department to issue three licenses on Oahu, two each on Hawaii island and Maui, and one on Kauai. Each licensee is allowed to open up to two production centers and two retail centers for a total of 16 dispensaries statewide. The law allowed dispensaries to open July 15, but none has done so yet.