- December 30, 2022
- Posted by: Stratford Team
- Category: Economy
Work continues on the Maui Coast Hotel expansion project Wednesday. The return of tourism and rising construction demands are among the factors helping to keep Hawaii’s economy afloat in the face of a looming recession. The Maui News / MATTHEW THAYER photos
Hawaii’s economic growth will hit a pause in the new year, but the state still looks likely to escape a harsh recession with the return of international travelers fueling the tourism industry and rising construction demands.
Still, the University of Hawaii Economic Research Organization said inflation remains “stubbornly persistent” across the globe as Russia’s war with Ukraine continues, elevating Hawaii’s rates at just under 7 percent — 6.6 percent in Maui County.
The report that was released earlier this month forecast a “darkened” economic outlook, with a slowing global economy and a U.S. economy that appears headed for a mild recession midway through 2023. The…
