The state’s economy is growing again after a brutal four years of recession and is forecast to grow at a rate of about 1 percent this year.
That’s down from 3.7 percent growth in 2017 and 2.6 percent growth last year, according to data from the Commerce Department released Monday.
The economy is now expected to grow about 1.5 percent this fiscal year.
Hawaii, one of the poorest states in the country, is still recovering from the effects of the massive wave of natural disasters in 2017 that sent the state into a near-bankruptcy.
A recent report from the Department of Labor found that the unemployment rate for Hawaii workers is still 7.9 percent, which is well below the 7.4 percent rate for the country as a whole.
The labor force participation rate for non-minority adults in Hawaii is 61.2 percent, while the share of those aged 65 and older is just 14.4%.
Hawaii has the lowest unemployment rate among the U.S. states, at 3.8 percent.
Economists predict the state’s growth rate this year will be much slower than that of 2017, and that will be reflected in lower revenue from sales taxes and property taxes.
The report also found that Hawaii’s revenue from property taxes was still below the average for the U