Posted at 10:55 a.m., Thursday, July 6, 2006
Business briefs: Economic growth expected to slow
Advertiser Staff and News ServicesThe pace of economic growth in the state's four counties will continue to moderate this year and next as the impact of tight labor markets and slowing visitor arrivals continue to take their toll, according to the latest forecast from the University of Hawaii Research Organization.
"Economic conditions were buoyant in each of Hawai'i's four counties in 2005, but with some evidence that tight labor markets are beginning to act as a brake," according to the report. "The county economies will experience moderate growth in jobs and income this year, followed by further deceleration over the next year.
The biggest risk to continued growth is a potential slowdown in the U.S. economy and in Hawai'i tourism. While the UHERO researchers are calling for the economy to slow, they are not forecasting a contraction in economic growth.
Tesoro resumes liquid asphalt production
The production of liquid asphalt on O'ahu has resumed, with Tesoro Hawaii pumping it into a 100,000-barrel storage tank at Campbell Industrial Park.
Work on the newly reconfigured tank was completed last week, company spokesman Nathan Hokama said. The original 25,000-barrel liquid asphalt storage tank was damaged by fire June 13.
The fire came just four days after the state's only producer of liquid asphalt resumed production after a three-week shutdown.
The new liquid asphalt is awaiting certification that it meets standards for state and city projects, Hokama said.
Certification testing is performed on the mainland and could be completed next week. Tesoro is the only supplier of liquid asphalt in the state.