HONOLULU -- Hopes for a faster recovery are being dampened by the worldwide economic woes. But the good news is, Hawaii's economy is expected to see some growth.
Europe's economic problems and the debt debate in Washington are all playing a part in keeping our economy from moving ahead, both nationally and locally, according to First Hawaiian Bank economist Leroy Laney.
Speaking before an audience at the Neal Blaisdell Concert Hall, Laney predicted with that in mind, it's a painfully slow economic outlook for 2012.
Hawaii's jobless rate, which has been hovering above 6%, may see a marginal improvement in 2012.
"The problem with faster job growth in 2012 is mainly that much of the job growth that has taken place so far in our recovery can't continue at the same pace as earlier," said Laney.
Laney predicts it's likely most of the job growth will be in the private sector, with the public sector remaining a drag.
Construction jobs have made some improvement, mostly due to projects on Oahu.
"If the local economy strengthens some and manages to avoid setbacks that can as easily come from external sources as local ones, marginal improvement is possible next year," said Laney.
As for personal income growth: Laney said we shouldn't look for much above a one percent range in the near future.
The bright spot in the outlook: Hawaii's visitor arrival numbers, which have sprung back quicker than many had expected.
Growth in visitor arrivals may come in at around three percent in 2012. Not spectacular, but growth none the less.
"We are reminded once again that we do sell a luxury good to the rest of the world, one that can be cut back in tougher times," said Laney.
As for when things will get better, Laney said it will likely be several more years before we see comfortable numbers.
kitv.com
Europe's economic problems and the debt debate in Washington are all playing a part in keeping our economy from moving ahead, both nationally and locally, according to First Hawaiian Bank economist Leroy Laney.
Speaking before an audience at the Neal Blaisdell Concert Hall, Laney predicted with that in mind, it's a painfully slow economic outlook for 2012.
Hawaii's jobless rate, which has been hovering above 6%, may see a marginal improvement in 2012.
"The problem with faster job growth in 2012 is mainly that much of the job growth that has taken place so far in our recovery can't continue at the same pace as earlier," said Laney.
Laney predicts it's likely most of the job growth will be in the private sector, with the public sector remaining a drag.
Construction jobs have made some improvement, mostly due to projects on Oahu.
"If the local economy strengthens some and manages to avoid setbacks that can as easily come from external sources as local ones, marginal improvement is possible next year," said Laney.
As for personal income growth: Laney said we shouldn't look for much above a one percent range in the near future.
The bright spot in the outlook: Hawaii's visitor arrival numbers, which have sprung back quicker than many had expected.
Growth in visitor arrivals may come in at around three percent in 2012. Not spectacular, but growth none the less.
"We are reminded once again that we do sell a luxury good to the rest of the world, one that can be cut back in tougher times," said Laney.
As for when things will get better, Laney said it will likely be several more years before we see comfortable numbers.
kitv.com
No comments:
Post a Comment