DBEDT maintains its forecast of slow economic growth for 2024.

The Department of Business, Economic Development and Tourism (DBEDT) has lowered Hawaii's economic growth projection for 2024 from 1.5% to 1.3%, citing factors such as decreased visitor arrivals and higher inflation. Despite these challenges, construction remains a bright spot with record-high employment. The Maui wildfires have significantly impacted economic indicators for all Countyʻs, particularly in Maui County, where visitor arrivals and expenditures have sharply declined. Looking ahead, DBEDT forecasts economic growth of around 2.0% from 2025-2027, supported by construction efforts and gradual increase in tourism.

This graph shows the Growth in Economic Indicators by County - January through April 2024 compared to January through April 2023. The amount of money spent by visitors arriving by air to Hawaii County increased by 15.6%. This indicates a significant rise in tourism-related spending for Hawaii county.

Source: DBEDT CONTINUES TO PROJECT SLUGGISH ECONOMIC GROWTH IN 2024

https://dbedt.hawaii.gov/blog/24-30/

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