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Hawaii Tax Revenue Growth Forecast Improves

Better projections for current and future fiscal year tax revenue growth.
January 11, 2013

Hawaii Tax Revenue Growth Forecast Improves 

Improvement in Hawaii Tax Revenue Forecasted

By Mark Harbison

Regardless of recent national fiscal concerns, Hawaii's Council on Revenues raised its tax revenue growth forecast for this fiscal year by 0.2 percentage points to 5.1 percent. They also predict a $400 million boost in revenue for the next fiscal year. This is good to hear, and not very surprising, as we've been seeing consistent improvements in our economy over the past few years, despite Maui real estate improvements being slow.

The 2014 fiscal year forecast indicates a 6.8 percent growth in tax revenue, which is a 2.9 percent increase from their past forecast of 3.9 percent growth. Yes, these are only predictions, and it is unlikely that they will be perfectly accurate, but for all we know, growth could be even higher than expected. It could be lower too, and we can always plan for the worst, but hoping for the best is important too. A positive outlook can improve many aspects of life.

According to Carl Bonham, a council member, construction and local government are the areas where we're seeing the most significant increases. Lack of construction jobs have lagged the economy in the past, but now that sector is expected to add momentum to the economy, along with those government jobs.

As far as the largest share of economic growth last year, tourism led the charge, while improvements in other sectors were minor. Growth in tourism is expected to slow down somewhat, but small and steady increases in many sectors should boost overall growth, if predictions are accurate. As economic growth continues, hopefully we'll see more recovery in the Maui housing market.

As always, we'll just have to keep an eye on the horizon and see how things play out. Mahalo for reading!

Blogs for January 2013

Living in South Maui

Posted on January 25, 2013
Living in South Maui

By Mark​ Harbison

Trying to decide where you want to purchase real estate on Maui? Those who are familiar with the island probably won't have too much trouble deciding, because it's easy to pick your favorite place when you have seen the options. For those of you who… Continue Reading

Maui Historical Society Fundraiser Concert

Posted on January 18, 2013
Maui Historical Society Fundraiser Concert

By Mark Harbison

Interested in preserving Maui's unique cultural history? On January 25th, the Maui Historical Society will be hosting their fundraiser concert series, "Hawaiian Moonlight" between 6-9pm at the Bailey House Museum in Wailuku.

It may be a bit of a drive if you call South Maui… Continue Reading

Hawaii Tax Revenue Growth Forecast Improves

Posted on January 11, 2013
Hawaii Tax Revenue Growth Forecast Improves 

By Mark Harbison

Regardless of recent national fiscal concerns, Hawaii's Council on Revenues raised its tax revenue growth forecast for this fiscal year by 0.2 percentage points to 5.1 percent. They also predict a $400 million boost in revenue for the next fiscal year. This is… Continue Reading

Auwahi Wind Project Online for Cheaper Maui Energy

Posted on January 04, 2013
Auwahi Wind Project Online for Cheaper Maui Energy

By Mark Harbison

The Auwahi Wind project on Ulupalakua Ranch is officially online, as of last week Thursday. The ranch is located up the slopes of Haleakala from the real estate in South Maui that we represent. Energy efficiency projects, such as Smart Grid… Continue Reading

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Mark and Lisa

Mark A Harbison
R(B) (GRI) (CIPS) (TRC)

Mark@RealEstateMauiHawaii.com

(808) 283-3785

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