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The Honolulu Advertiser

Posted on: Sunday, September 8, 2002

ONE YEAR, ONE NATION
Hawai'i's economy at a glance

 •  Neighbor Islands at a glance

Signs of resilience:

• Daily passenger arrivals to Hawai'i airports have returned to near last year's levels, and visitors from the West Coast have increased.

• The key "visitor days," meaning the total number of visitors times the average day of stay, was up slightly in June over June 2001.

• Statewide hotel occupancy is up slightly over 2001.

• Statewide personal income, a broad measure of economic well-being, rose a moderate 2 percent in early 2002.

• Unemployment has dropped to slightly above 4 percent of the work force — around the levels the state experienced during the expansion of 2000 and early 2001.

• Home sales have increased and prices have begun to rise.

• Bank of Hawaii's latest business confidence survey shows that an increased number expect higher profits and economic growth in the coming year. While the increase would be over a 2001 that, for many, was mediocre or bad, economist Paul Brewbaker said last week that it's still a sign that the climate is improving.

Signs of weakness:

• The Hawai'i job count is still down by several thousand from last year's level.

• Japanese tourism remains 20 percent down.

• Tax revenues are hundreds of millions of dollars below previously forecasted levels.

• Total visitor spending for May, the latest month for which information is available, was off 4.3 percent, according to the Department of Business, Economic Development and Tourism.

• The uncertainty in the national economy also sees tourists giving shorter lead times in booking accommodations, making it more difficult for the hotel operators to project employment needs and plan for improvements.

• While statewide hotel occupancy is up slightly over 2001, room revenues are lagging.