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.
