Guam – Anticipation of the military build-up on Guam, a process expected to commence later this year, continues to create economic optimism, a new First Hawaiian Bank economic analysis of Guam has found. The report also notes encouraging trends in Guam tourism, job growth, inflation and the residential real estate market.
The report was prepared for First Hawaiian Bank by Dr. Maria Claret M. Ruane, resident development economist at the University of Guam-Pacific Center for Economic Initiatives (PCEI).
“2010 rolled in with improving consumer and business optimism on the prospects for Guam’s economy,” Dr. Ruane said, citing surveys of business and consumer confidence. A survey of 43 local business owners and/or managers conducted for the PCEI in April 2010 showed 60% holding positive expectations for the Guam economy in the next 12 months. More than 52% of the 286 local consumers surveyed in May 2010 expressed positive views about income and employment prospects for the Guam economy in the next 12 months.
“As a member of the Guam community for over 40 years, First Hawaiian Bank is delighted to offer to our neighbors and customers this hopeful analysis of Guam’s economy. This report confirms our own belief that Guam has a bright future indeed. We are committed to continued support of our island communities in both the CNMI and Guam,” said Laura Dacanay, senior vice president and Guam/CNMI region manager.