The local economy continues to recover with positive performance in the first quarter of 2022

Despite several uncertainties for the future, Hawaii’s economy continues to recover with positive performance in the first quarter of 2022.

The State Department of Business, Economic Development, and Tourism released its first-quarter economic report on Tuesday.

According to the report, the state continues to recover from 2020 in several major indicators such as tourism, tax revenue and the labor market.

So far this year, visitor arrivals and spending are around 70% compared to the same period in 2019. Airline seats are expected to increase in the coming months as international travel slowly returns.

State tax collection jumped 31% in January, with increases in general excise revenue and personal income.

However, Hawaii continues to have one of the highest unemployment rates in the country. This is partly due to a downward trend in labor force participation, indicating a tight labor market and labor shortage.

Overall, economists expect the unemployment rate to improve as economic growth returns with increased visitor arrivals and spending.

However, DBEDT Director Mike McCartney notes that continued global supply chain disruptions, as well as rising oil and energy prices caused by the war between Russia and Ukraine, could have an impact on the state’s economy.

But he says he remains positive about its ability to improve residents’ economic prosperity.

Previous Johnson & Johnson is trying to avoid a $100 million baby powder settlement
Next Macau government extends casino licenses until December – media