Hawaii Timeshare Expansion Means Good News for the Local Economy
Monday, April 12, 2010
With the report last week of two more timeshare towers at the Hilton Hawaiian Village Beach Resort (see: Hilton Timeshare Adding to their Hawaii Timeshare Resorts), the economy of Hawaii may be ready to breathe a sigh of relief.
The new Hilton timeshare project, which is self-financed, will nearly double the timeshare accommodations capacity at the Hilton Hawaiian Village Beach Resort. As we noted in an earlier timeshare blog post, the project is expected to bring roughly 700 jobs to the area, not counting the many workers who will be needed during the construction phase of the project.
The Honolulu Star Bulletin quoted Rick Egged, president of the Waikiki Improvement Association, as saying that the project “will bring more visitors to Waikiki, which will bring in more investment and tourism dollars.”
The Hawaii Economy and Hawaii Timeshare
The University of Hawaii Research Organization expects that tourism and visitors to Hawaii will increase by 2.9 percent in 2010 and that spending will stabilize. Claiming that, “Hawaii’s economic recovery has already begun, the UH economists say, “Employment is stabilizing and many sectors will begin to add modest numbers of jobs as the year progresses.”
Last fall, Midweek.com reported that timeshare is so significant to Hawaii, it touches some 34,420 working people. A 2007 study revealed that economic impact from timeshares was estimated at $4.5 billion with over $500 million in tax revenues.
Timeshare owners and timeshare renters, vacationing in Hawaii timeshare spend an average of $4202 each time they visit. An astounding eighty-six percent of these dollars don’t wind up just in the busiest Hawaii timeshare destinations such as Waikiki timeshare or Kannapali timeshare, but are spent away from the resorts in malls, grocery stores, entertainment, restaurants, and even convenience stores.
News that the tide is turning and future jobs are coming is good to hear and something to celebrate but we never want to appear to minimize the situation of people who are unemployed today. Life doesn’t always change overnight, even when we need it to.
