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NR 06-05-24 (UHERO’s Kaua‘i Economic Outlook Summary released)

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County of Kaua'i, State of Hawaii

*DEREK S.K. KAWAKAMI, *MAYOR
*REIKO MATSUYAMA*, MANAGING DIRECTOR






*News Release*

For Immediate Release: June 5, 2024






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COUNTY OF KAUA'I

OFFICE OF ECONOMIC DEVELOPMENT

NALANI K. KA'AUWAI BRUN - DIRECTOR

(808) 241-4946



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*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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*Media Contact:
*

If you are a member of the media with an inquiry for the County of Kaua‘i, its departments or representatives, please email the County of Kaua‘i's Communications Team at CountyPIO@kauai.gov to ensure a timely response to your request. Mahalo!








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