REIT projects provide construction jobs, and REITs fund a wide range of projects in both good times and during recessions, softening the impact of economic downturns. The commercial developments made possible by REITs enable new companies to enter the marketplace and hire local people for a variety of jobs and careers.
The owners of Ala Moana Center invested $1 billion for expansion of the mall and nearby residences. In the first year after completion, the additional retail sales produced some $33 million in GET revenue for the state, along with 3,000 new jobs.
Between 2012 and 2016, just one single REIT construction project created 11,600 jobs and brought in more than $146 million in state tax revenue.
REITs are creating opportunities for Hawaii business owners and enabling new companies to enter the marketplace and provide employment to local residents. In fact, there are thousands of locally-owned businesses with five or more employees operating in REIT properties.
"The retail workforce accounts for 25% of jobs in Hawaii, and when REITs work in partnership with small businesses, they help provide a living for many local families."
— Tina Yamaki
President of the Retail Merchants of Hawaii