UHERO’s Kaua‘i Economic Outlook Summary released
UHERO (University of Hawai‘i Economic Research Organization) has released its annual Kaua‘i Economic Outlook Summary for June 2024. This report is prepared for the County of Kaua‘i, with support from the Office of Economic Development, as part of a community partnership.
UHERO states that Kaua‘i’s economy will continue to grow, but more slowly than in previous years.
In the report, UHERO states that although impacted by inflation, high cost of living, and a shrinking labor force, Kaua‘i residents continue diversifying the economy with a growing manufacturing and thriving construction and transportation sectors.
Other key insights include Kaua‘i tourism, which is currently experiencing a slow patch brought on by a weakening U.S. visitor market, a tight labor market due to high cost of living, and inflation in Kaua‘i exceeding the national average. UHERO predicts that Kaua‘i’s economic growth will be slower than we’ve seen in the past, but community resilience and economic diversification are crucial to navigating the balance between leveraging current economic strengths and preparing for future challenges.
Mahalo to our community partners who met with UHERO to provide input and help refine the data outcomes.
To view a copy of this report, go to kauai.gov/oed, under the “Announcements” section or kauaiforward.com.
For more information, please contact Dr. Carl Bonham at (808) 956-7605 or bonham@hawaii.edu.
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