Posted at 10:27 a.m., Tuesday, May 15, 2007
Local economy forecast to grow moderately this year
Advertiser Staff
Hawai'i's economy is forecast to grow moderately this year following several years of robust growth, according to a report released today the Department of Business, Economic Development and Tourism.After a flat 2006, visitor arrivals are expected to increase 1 percent in 2007, according to DBEDT's quarterly economic report. That's a 0.4 of a percentage point drop from the agency's February forecast. Real personal income growth is forecast at 1.8 percent in 2007 and 1.9 percent in 2008.
Personal income, total wage and salary jobs, and state gross domestic product are all forecast to increase.
In response to recent increases in energy and housing prices, Honolulu's consumer price index is now forecast to increase 4.5 percent in 2007, which is half a percentage point higher than in the previous forecast. In 2008, Honolulu's CPI is expected to rise 3.8 percent, which is up 0.4 of a point higher than the February forecast.
The forecast of wage and salary job growth is unchanged at 1.8 percent in 2007 and 1.5 percent in 2008. Hawai'i real GDP growth is predicted to be 2.7 percent in 2006 and 2.6 percent in 2007.
