COVID-19 is expected to subside this year and help Hawaii’s economy rebound, but its impact on the local retail landscape is expected to worsen, according to a new market analysis.

Defense spending in Hawaii — about $5 billion annually in payroll and $2 billion-plus in contracts — has been “an incredibly important stabilizing force” in the state with an economy otherwise wracked by COVID-19, Carl Bonham, executive director

Despite Hawaii’s COVID-19-related money troubles, Gov. David Ige said Friday that “the last thing we want to do is raise taxes during an economic downturn. The last thing we want to do is have furloughs or layoffs, because we know it exacerbates the slowdown in our economy.”

Hawaii’s COVID-19 hobbled economy is outperforming previous dire predictions and is expected to generate nearly $6.3 billion in tax revenue for the fiscal year that ends in June, although still down 6.5% from last year, the state Council on Revenues plans to tell Gov. David Ige.

Even after enduring a collapse of the state’s economy this year, most Hawaii residents aren’t eager for a return to the 2019 tourism numbers.

While the pandemic has caused catastrophic shake-ups in all sectors of the economy, one of the hardest-hit has been the retail industry.

Tight inventories and COVID-19 restrictions left Hawaii auto dealers spinning their wheels in the third quarter as sales plunged 15.9% amid a struggling economy.

While the pandemic has caused catastrophic shake-ups in all sectors of the economy, one of the hardest-hit has been the retail industry.

Tight inventories and COVID-19 restrictions left Hawaii auto dealers spinning their wheels in the third quarter as sales plunged 15.9% amid a struggling economy.

While the pandemic has caused catastrophic shake-ups in all sectors of the economy, one of the hardest-hit has been the retail industry.

Tight inventories and COVID-19 restrictions left Hawaii auto dealers spinning their wheels in the third quarter as sales plunged 15.9% amid a struggling economy.

While the pandemic has caused catastrophic shake-ups in all sectors of the economy, one of the hardest-hit has been the retail industry.

Tight inventories and COVID-19 restrictions left Hawaii auto dealers spinning their wheels in the third quarter as sales plunged 15.9% amid a struggling economy.

While the pandemic has caused catastrophic shake-ups in all sectors of the economy, one of the hardest-hit has been the retail industry.

Tight inventories and COVID-19 restrictions left Hawaii auto dealers spinning their wheels in the third quarter as sales plunged 15.9% amid a struggling economy.

While the pandemic has caused catastrophic shake-ups in all sectors of the economy, one of the hardest-hit has been the retail industry.

Tight inventories and COVID-19 restrictions left Hawaii auto dealers spinning their wheels in the third quarter as sales plunged 15.9% amid a struggling economy.

While the pandemic has caused catastrophic shake-ups in all sectors of the economy, one of the hardest-hit has been the retail industry.

Tight inventories and COVID-19 restrictions left Hawaii auto dealers spinning their wheels in the third quarter as sales plunged 15.9% amid a struggling economy.

While the pandemic has caused catastrophic shake-ups in all sectors of the economy, one of the hardest-hit has been the retail industry.

Tight inventories and COVID-19 restrictions left Hawaii auto dealers spinning their wheels in the third quarter as sales plunged 15.9% amid a struggling economy.

While the pandemic has caused catastrophic shake-ups in all sectors of the economy, one of the hardest-hit has been the retail industry.

Tight inventories and COVID-19 restrictions left Hawaii auto dealers spinning their wheels in the third quarter as sales plunged 15.9% amid a struggling economy.

While the pandemic has caused catastrophic shake-ups in all sectors of the economy, one of the hardest-hit has been the retail industry.

Tight inventories and COVID-19 restrictions left Hawaii auto dealers spinning their wheels in the third quarter as sales plunged 15.9% amid a struggling economy.

Tight inventories and COVID-19 restrictions left Hawaii auto dealers spinning their wheels in the third quarter as sales plunged 15.9% amid a struggling economy.

While the pandemic has caused catastrophic shake-ups in all sectors of the economy, one of the hardest-hit has been the retail industry.

Tight inventories and COVID-19 restrictions left Hawaii auto dealers spinning their wheels in the third quarter as sales plunged 15.9% amid a struggling economy.

While the pandemic has caused catastrophic shake-ups in all sectors of the economy, one of the hardest-hit has been the retail industry.

Tight inventories and COVID-19 restrictions left Hawaii auto dealers spinning their wheels in the third quarter as sales plunged 15.9% amid a struggling economy.