Maui Homes For Sale

UH economists say 'recovery has slowed, but not stopped'

WAILUKU - While keeping a wary eye on Washington politicians and acknowledging U.S. and global economic turmoil, University of Hawaii economists nevertheless predict modest growth in 2012 in an annual Hawaii forecast released today.

"Hawaii's recovery has slowed, but not stopped," the economists say in their conclusion. "We expect growth to continue in 2012, although at a somewhat slower pace than earlier projected.

"The substantial weakening that has occurred in the U.S. and Europe, the blow to confidence from D.C. theatrics and the looming fiscal contraction weigh on growth prospects. At the same time, we now have some local growth momentum, with job gains now under way and an ongoing boom in non-Japanese foreign travel."

The economists also deliver an ominous cautionary note.

"There is a significant risk that things will turn out much worse than this," they say. "While our view is that the U.S. will avoid an outright recession, clearly the risk has risen substantially in just the past few months."

The economists blamed Washington, saying: "Too bad that much of this is self-inflicted by a U.S. Congress that at best is placing principle over pragmatism, and at worst is interested only in short-term partisan gain regardless of cost."

There are only a few places in the 26-page forecast in which Maui is mentioned specifically.

In a section covering future construction projects, the economists report that Kyo-ya Hotels & Resorts "has plans for a major redevelopment of its Sheraton Maui property, although these appear to be at an early stage."

When asked about plans for the Kaanapali property, Kyo-ya Co. President Greg Dickhens said the owner's redevelopment plans for the Sheraton Maui are 3 years old and currently on hold, perhaps for a couple more years. Those plans involved an expansion of the hotel and the addition of condominium units, he said.

Now, Kyo-ya is focusing on its project to redevelop the Sheraton Princess Kaiulani in Waikiki, he said.

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