Hawaii Tourism Industry
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Economists of the University of Hawaii suggest that the Hawaii tourism industry is likely to go through a dull year in 2007. Also predicted is the decrease in the number of travelers visiting Hawaii in 2007. There will be a decrease of 100,000 visitors as compared to the number of travelers in 2006. It is still expected to attain the 7.4 million mark. The economists have predicted that all segments of economy are likely to have a sluggish phase. However, the growth in the payroll sector is expected to be 1.9%.
Economists of the University of Hawaii suggest that the Hawaii tourism industry is likely to go through a dull year in 2007. Also predicted is the decrease in the number of travelers visiting Hawaii in 2007. There will be a decrease of 100,000 visitors as compared to the number of travelers in 2006. It is still expected to attain the 7.4 million mark. The economists have predicted that all segments of economy are likely to have a sluggish phase. However, the growth in the payroll sector is expected to be 1.9%.
Hawaii tourism industry supports other allied industries also. Hotel accommodation, transportation, food, entertainment, medical support, all these industries are connected with the Hawaii tourism industry indirectly or directly. All these sectors together contribute to the profits yielded by the Hawaii tourism industry and adds to the GDP or the gross domestic product of the Hawaii Island.
Areas of growth and the Hawaii tourism industry:
Hawaii Island boasts of having the lowest rate of unemployment in the whole of United States of America. The rate of employment is expected to be stable without any change at 2.4%. 2.6% is the mark likely to be achieved by 2008 and around 3% in the year 2009. Another area which is anticipated to grow is the construction area. The construction sector is predicted to add 4% to the existing employment base. This 4% mainly belongs to office related job openings. Area which are indirectly associated with the Hawaii tourism industry is anticipated to provide 145,000 jobs, a growth of 3.5%.
The trend in the Hawaii tourism industry is likely to be unaltered in the next year. The employment opportunities in the construction sector is expected to grow to 37,000. This figure outnumbers the number of jobs in the construction segment in the early 90s.
With regard to the other areas related to the Hawaii tourism industry, growth of the retail market and the wholesale market is ruled out. The finance, real estate and the insurance sectors also show an unchanged status, may weaken further. The reason can be ascribed to the sluggish housing sector.
