Think About It: (Some) Economic Growth - KFVE, K5-Hawaii News, Weather and Sports

February 25, 2013

Think About It: (Some) Economic Growth

While we still hear tales of woe and uncertainty regarding some aspects of our local economy, there are some large areas of growth that bode well for the future. The tourism numbers continue to stay strong, with room rates and occupancy levels hitting positive levels that haven't been seen in years. And the visitors are coming from both directions- east and west- which is always a good sign.

The construction industry is seeing a rebound, and with many projects now planned in Kaka'ako and other places, this should provide much needed work on a steadier basis than we've seen in years. The local real estate industry showed strong signs of rebounding in 2012 from its funk, as sales of commercial real estate topped the $2 billion mark for the first time since 2007, while home prices and land values are moving up in most areas around the state.

Airline business to and from Hawaii has been positive of late, with solid reports from Hawaiian and Alaska Airlines leading the way. While we hope and expect that the small business and retail sectors of our local economy can start feeling the effects already experienced by these larger businesses, the rebound had to start somewhere and, as usual, it began in the visitor, construction, and real estate areas as Hawaii is showing solid signs of shaking off the five-year downward or flat trending. A strengthened local economy benefits everyone here on many levels, so let's hope that that the wealth spreads to all sectors as the comeback continues. Think about it…

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