FIRST HAWAIIAN BANK's GUAM - CNMI ECONOMIC FORECAST
Guam Economic Confidence High with U.S. Military Buildup while
Saipan, CNMI Face a More Challenging Economic Picture

download forecast (pdf - 303.0 kb)

(Hagåtña, Guam, April 28, 2008) - First Hawaiian Bank has released its second Guam Economic Forecast report, which for the first time, includes a forecast for Saipan and the CNMI, according to an announcement today by Senior Vice President and Guam/CNMI Region Manager Laura-Lynn V. Dacanay. The Guam-CNMI Economic Report was written by the bank's Economic Consultant Leroy O. Laney, a professor of Economics and Finance at Hawaii Pacific University.

“Two years ago, when we were asked to do an economic study on Guam, we were very pleased with the overwhelming response that the report received. We have expanded the report this year to include CNMI,” said Dacanay. “First Hawaiian Bank is proud to be able provide this information to the local business community to assist them with their future planning as well as to individuals who are looking at our islands as a long-term investment.”

According to the report, strong consumer and business confidence on Guam can be attributed to the expected military buildup. This buildup will have major implications for construction, the housing supply, housing prices and retail activity. However, the current economic outlook for CNMI, Saipan is not as optimistic.

"Guam's economy continues to fire on all cylinders in anticipation of its coming military buildup. Preparing for that buildup is an enormous task for the isolated island economy, and that causes some on Guam to question how realistic the targeted timeframe is. Just to the north, the CNMI economy struggles with hard times brought on by serious blows to its major industries," said Laney.

Copies of the Guam-CNMI Edition Economic Forecast will be available at all Guam and Saipan First Hawaiian Bank Branches as well as on its website www.fhb.com.

Founded in 1858, First Hawaiian Bank (fhb.com) is celebrating its 150th Anniversary this year. It is one of the largest banks in Micronesia with three branches on Guam and two on Saipan. The bank has total assets of approximately $13 billion.

download forecast (pdf - 303.0 kb)

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