HONOLULU — University of Hawaii economists say the state’s economy will likely slow to a near standstill.
The Honolulu Star-Advertiser reports the University of Hawaii Economic Research Organization is forecasting economic growth will be less than 1% in each of the next three years.
Economists say Honolulu’s recent crackdown on illegal vacation rentals will likely hurt. A report by the research organization says weakened consumer spending after two straight years of population declines and concerns about U.S. and global economies will further weigh on growth.
The research organization is forecasting a 1.2 percent statewide decline in visitor arrivals next year and a 0.1 percent drop in 2021.
One strong area is the construction industry. The organization expects “modest” growth in construction over the next several years.