UHERO forecasts strengthening local economy

Emerging from the winter omicron wave and in anticipation of international visitors returning as COVID-19 cases recede in Asia, Hawaii’s economy should experience moderately strong growth, according to the University of Hawaii Economic Research Organization’s 2022 second-quarter forecast.


What You Need To Know

    • Hawaii tourism recovered quickly after the omicron wave receded, but the recent BA.2 wave has delayed the return of visitors from Asia
    • UHERO predicts that overall visitor arrivals will exceed 90% of pre-pandemic levels by the end of the year and visitor spending will be a third higher than 2021 as higher-spending international visitors return
    • Oahu’s declining population has kept the pool of workers below pre-pandemic levels
  • Inflation continues to be a significant concern, raising household expenses by an average of $3,600 and increasing business costs

However, UHERO warns that worsening global conditions could compromise those forecasted gains.

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