Hart & Shinohara, LLP than previously forecasted for the remainder of 2011. “DBEDT’s lower expectation for Hawaii’s economic growth was also influenced by slower than expected economic growth in the U.S. economy and the political and economic uncertainty in many parts of the world,” the report explained. However, DBEDT also emphasized, “The labor market conditions show that the economy is improving. After 10 consecutive quarterly decreases in jobs from the second quarter of 2008 to the third quarter of 2010, Hawaii’s jobs increased for the third time.” More specifically, “The job increase in the second quarter of 2011 was completely due to job increases in the private sector. In this quarter, the private sector added about 7,900 jobs compared to the second quarter of 2010. Job losses in some private industries were more than offset by job gains in other industries. Both visitor and nonvisitor related industries increased jobs in this quarter.” What’s the bottom line to all of these facts and statistics? According to DBEDT’s State of the Economy for the 3rd quarter of 2011, “Hawaii’s economy continues to recover in 2011; expansion is expected in 2012.” Since 2011 is now just about over and we are ready to begin 2012, this is welcome news, as is the projection that, “Beyond 2012, the economy will be on the expansion path with job growth of 1.8 percent in 2013 and 1.5 percent in 2014. Visitor arrivals are expected to increase 2.2 percent in 2013 and 2.3 percent in 2014. Visitor expenditures are expected to increase 4.6 percent in 2013 and 4.3 percent in 2014.” In the light of present circumstances and looking ahead into the future, DBEDT offers a
Consistently Meeting
Your Bonding Expectations Specializing in Surety Bonds for Contractors & Developers
Brian K. Hart
Steven S. SHinoHara
office: 808.550.8771
fax: 808.550.8774
Partner cell: 808.721.1200 e-mail: bhart@pixi.com
Partner cell: 808.222.1993 e-mail: stevens@pixi.com
1164 Bishop Street • Suite 1510 • Honolulu, Hawaii 96813
2011 Construction Industry Guide — Hawaii
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