For Immediate Release: May 19, 2006
DBEDT Release News 06-14

HONOLULU--In its latest quarterly economic report, the Department of Business Economic Development and Tourism (DBEDT) projects continued positive economic growth for Hawaii through the rest of 2006.

Total wage and salary jobs, personal income and visitor arrivals are all benchmark indicators that are forecast to increase.

"Our analysis indicates that the state economy under Governor Linda Lingle will continue to be positive for business development and capital investment," said DBEDT Director Theodore E. Liu. "We believe Hawaii can offer the kind of business environment that will sustain strong economic growth."

During the first quarter of 2006, 630,400 people were employed in Hawaii, a new all-time employment mark. Hawaii’s unemployment rate of 2.3 percent was the lowest in the nation, as well as the lowest since 1990.

Hawaii's tourism industry is expected to host a total of more than 7.6 million visitors this year, up 2.8 percent from a record year of 2005. Visitor spending should reach nearly $12.4 billion in 2006, about 4.7 percent higher than that in 2005.

DBEDT expects real personal income to increase 2.9 percent in 2006 and 2.8 percent in 2007. Total wage and salary job growth is expected to be 2.2 percent in 2006 and 1.5 percent in 2007.

In the first quarter of 2006, State General Fund revenues increased by 4.9 percent compared with the same period in 2005. General Excise Tax Revenues were up 10.1 percent for the quarter, with Net Individual Income Tax and Transient Accommodations Tax Revenues up 5.1 percent and 9.4 percent, respectively, somewhat offset by a decline in Net Corporate Income Tax Revenues.

The DBEDT Quarterly Statistical and Economic Report contains more than 100 tables of the most recent quarterly data on Hawaii's economy as well as narrative explanations of the trends in these data. The full report is available at http://www.hawaii.gov/dbedt/info/economic/data_reports.

For more information, contact:
Dave Young
Communications
Phone: (808) 587-1212
Email: dyoung@dbedt.hawaii.gov