DBEDT NEWS RELEASE: HAWAI’I’S ECONOMIC IMPROVEMENT ACCELERATING
HONOLULU – The Department of Business, Economic Development and Tourism (DBEDT) released its second quarter 2021 Statistical and Economic Report today. DBEDT revised its economic growth projection for 2021 to 3.5 percent, up from the 2.7 percent projected in February this year. The projected improvement is based on the following developments during the past few months:
- The American Rescue Plan Act (ARPA) of 2021 allocated approximately $6 billion to Hawai‘i (all entities including households, businesses, and government). Including all the bills passed in 2020 and thus far in 2021, total federal funds allocated to the entire state totaled $18.6 billion. Much of the amount is being spent or will be spent in 2021.
- During the month of March 2021, visitor arrivals recovered 47.5 percent from the same month in 2019. It is estimated…