recession

2020 was a tumultuous year for the local economy in Hawaii and the outlook for 2021 remains mixed and uncertain.

State-wide unemployment remains at more than ten-percent in Hawaii, among the highest levels in the country. To create jobs, one local organization has brought back an idea from the Great Depression: paying unemployed workers to do environmental restoration.

The state of Hawaii has expanded its trusted traveler program to include passengers arriving from Japan, but major obstacles remain for prospective Japanese visitors.

A full 25% percent of all Hawaii businesses have closed as a result of the COVID-19 pandemic and recession.

The cost of rent has been plummeting in some large American cities since the start of the pandemic.

As the number of Hawaii residents behind on rent climbs, a much-touted state program to help out-of-work residents cover their rent appears to be failing.

One week after the launch of a call center meant to address the backlog of Hawaii unemployment claims, filers are still reporting problems getting through.

Low interest rates, combined with changing social and professional norms, are driving demand for homes, and prices, upward.

Hawaii will likely see higher unemployment rates and weak economic activity well into 2021, according to the latest forecast from University of Hawaii economists.

The deadline to distribute $1.25 billion in coronavirus relief funds given to Hawaii by the federal government is roughly three months away, but most of that money has not yet been spent.

One of the state’s top economists predicts that the number of visitors coming to Hawaii is likely to remain well below pre-pandemic levels for at least the next year. 

Local governments in Hawaii have not yet faced the acute budget woes being felt at the state level. That may change if more local businesses are forced to close.

While negotiations over additional federal assistance to cities and states remain deadlocked, Hawaii’s chief executive says the state may be forced to furlough workers in the coming months if Congress fails to act.

The federal government’s $600 per week supplement to unemployment benefits officially expired last week. The benefit injected more than $100 million per week into the local economy.

The continuing COVID-19 crisis is costing lives around the world, and is also hitting economies. From job losses to business closings, a growing number of countries are sliding into deep recessions — and that includes in the Asia Pacific.

State lawmakers return to the Capitol today for what is expected to be the final three weeks of this year’s legislative session. Their main focus will be allocation $618 million in federal pandemic assistance.

Women in Hawaii are more likely to have lost their jobs as a result of the COVID-19 recession than male residents, despite equal representation in the workforce.

The recession stemming from the global COVID-19 pandemic may accelerate Hawaii’s ongoing population decline, according to local economic forecasts.

With economists predicting short-term unemployment rates as high as 25 percent, the economic impact of the coronavirus pandemic will dwarf the Great Recession.