Ka Wai Ola - Office of Hawaiian Affairs, Volume 40, Number 12, 1 December 2023 — Navigating the 2024 Economic Landscape [ARTICLE+ILLUSTRATION]

Navigating the 2024 Economic Landscape

J THE VOICE OF NATIVE t > HAWAIIAN BUSINESS '

Hawai'i Eeonomie OuUook Conference lnsights

By Andrew Rosen As we approach the new year, businesses across Hawai'i are charting their courses for 2024. Budgets and strategies are being

carefully crafted to align with the goals and aspirations of our loeal economy. However, in this rapidly evolving environment, it's essential to base our plans on the most up-to-date data and insights. The Mayor's Office of Eeonomie Revitalization (OER) has been diligently working to support Native Hawaiian commerce, and their third quarter 2023 report provides valuable insights into the state of our loeal economy: 1. Construction remains strong: Building permits issued in the first seven months of 2023 saw a remarkable increase of 17.1% compared to the previous year. Furthermore, permit values for additions and alterations surged by 55.1%. However, it's worth noting that the value for commercial and industrial permits experienced a decrease of 21.2%. 2. Hawai'i real GDP dips: Hawai'i real Gross Domestic Product (GDP) faced a 3% decline in Q1 2023 compared to Q1 2019. 3. Labor force fluctuations: The labor force in Hawai'i slightly decreased in Q1 2023 compared to Q1 2019, with unemployment averaging 2.9% through July 2023, slightly higher than the 2019 figure. 4. Inflation concerns: Honolulu's eonsumer inflation averaged 3.1% through July 2023, significantly surpassing the 1.8% rate in 2019. Personal ineome grew by 2.7% in 2023, but it failed to keep paee with inflation. 5. Tourism challenges: Tourism bookings for November 2023 to September 2024 are down from the previous year, according to the Hawai'i Tourism Authority (HTA).

Given these eeonomie indicators, how ean loeal businesses maximize opportunities and identify their potential in 2024? With a softening economy, challenges like stagnant tourism, inflation, higher interest rates, and global uncertainties are factors that need careful consideration in our planning for success. Knowledge is the cornerstone of preparation, and that's why the Native Hawaiian Chamber of Commerce is proud to host the Hawai'i Eeonomie 2024 Conference on Tuesday, Jan. 16, from 7:30 to 9:00 a.m. at the O'ahu County Club, where breakfast will be served. Our conference will feature a panel discussion addressing the pressing issues that Hawaiian commerce may face in 2024. Elected officials will provide their perspectives, and Native Hawaiian businesses will share their strategies for navigating the year ahead. Our panel will include four prominent State Legislators, two Native Hawaiian business owners, and industry insiders. We encourage members of NHCC and attendees to submit questions for our moderator, Kainoa Carlson, to pose to our expert panel. We extend an invitation to all who are interested in Hawai'i's eeonomie outlook for 2024 to attend the conferenee. To register, simply visit nativehawaiianchamberofcommerce.org and select the "Events" tab. For any inquiries or assistance, please feel free to contact me at andrew@nativehawaiianchamberofcommerce.org or eall 808-208-5816. As we step into the new year, let us equip ourselves with the knowledge and insights necessary to navigate the eeonomie landscape successfully. Here's to a healthy and prosperous New Year filled with peaee and opportunity for all. ■ Andrew Rosen is executive director for the Native Hawaiian Chamber of Commerce and a longtime member. Contact Andrew at andrew@nativehawaiianchamberofcommerce.org.