Hawaii’s economy continues to grow at a slower pace

Hawaii News Digest, 12 August 2017, 04:35 hrs, UTC, Post #15422.



Accessed on 12 August 2017, 04;35 hrs, UTC.

Author:  Damon Tucker.

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Thanks to Hawaii Island news blogger Damon Tucker for this story.

According to The U.S. Bureau of Economic Analysis, Hawaii’s economy after adjustment for inflation, registered only a slim gain of 0.9 percent during the first quarter of 2017.

While there was robust growth in the visitor industry, other segments of our local economy suffered declines.

According to the report, several areas of state economic activity aren’t so healthy:

The “economic growth is not evenly allocated to all the industries. There are still a few industries that lost jobs during the first half of 2017. Construction lost 500 jobs, manufacturing and health care each lost 400 jobs, and the wholesale trade lost 300 jobs.”

“The job loss in construction is mainly due to the decrease in the value of building permits issued during the first half of 2016, which usually shows about one year from the time building permits are issued and the start of construction. During the first half of 2016, total value of private building permits decreased by 29.6 percent from the same period in 2015, and that decrease is reflected in the actual construction activities in the first half of this year.”

“After five years of continuous job growth, the manufacturing industry started to lose jobs since the fourth quarter of 2016, and during the first half of 2017, this industry lost 2.9 percent of its jobs from the same time a year ago. Compared with the job count from 1990 in the manufacturing industry, the first half of 2017 job count was 66 percent of what it was then.”

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Russ Roberts

Hawaii News Digest