Hawaii economists have increased the state’s 2012 forecast for visitor spending by 6 percentage points and revised the forecast for visitor arrivals upward by 2 percentage points because of the higher-than-expected number of visitors to the Islands during the first half of the year.
Total visitor arrivals are expected to rise 8.6 percent for the year while total visitor spending is expected to increase by 15.2 percent over 2011 levels, the state Department of Business, Economic Development and Tourism said Thursday in its third quarter forecast.
“We are pleased that visitor arrivals reached an historical high during the first half of 2012,” DBEDT director Richard C. Lim said in a statement. “While nontourism sectors have still not fully rebounded, they are showing positive signs of recovery. That’s why we are focused on policy tools and state support in areas such as construction, renewable energy and light manufacturing.”
However, DBEDT has slightly lowered its forecasted growth rates for such economic indicators such as personal income, gross domestic product and job growth from its previous forecast published in May.
(Report Provided by Pacific Business News)