The resort industry is in the midst of a major transformation that could result in one of the biggest wave cycles in the world.
The wave-driven, long-awaited transformation to the island’s tourism economy has been brewing for decades, but has yet to materialize.
Here are some key points to consider.
The industry is undergoing a massive transformation.
The new wave of tourism is expected to create more than 1 million new jobs.
The number of visitors to Hawaii each year has doubled.
And the number of tourists visiting Hawai’i each year is expected double.
The Hawaii Tourism Authority expects the wave-generated tourism to create 1.4 million new job opportunities in the next five years.
The economic impact of the wave will be felt far beyond the islands.
With the wave, tourism will create $40 billion in economic activity and create 2.3 million jobs.
It will also lead to more than $8 billion in local tax revenue.
The boom will also create more revenue than it will cost the state to maintain the resorts, the Hawaii Tourism Board said.
The surge in visitation could be the tipping point for the state’s economic future.
A wave in the right direction could create a path to an even bigger rebound in tourism and tourism-related jobs, the state tourism board said.
And tourism would likely take off even faster once the wave hits, said Kristy Miller, the executive director of the Hawaii Association of Counties, which represents tourism operators.
“There is a possibility that the economy will explode from this wave,” Miller said.
“The business is booming.
The growth rate of the industry is phenomenal.
But, it is just so, so uncertain.
We need to get a lot of this right before we are in the position to see the next wave.”