Hawaii's economy slowed substantially in 2008, as employers trimmed jobs and some of the state's largest companies filed for bankruptcy or were forced to shut down altogether. Hawaii's leading visitor industry also plunged during the year, as travelers cut spending amid a financial crisis that rippled across the country.

1. Aloha Airlines shuts down. Aloha Airlines said at the end of March that it was ceasing passenger service.

The 61-year-old carrier, which 11 days earlier filed for its second bankruptcy in a little more than three years, said it had run out of money, and blamed its demise on an interisland fare war triggered by Mesa Air Group's go!, which entered the market in June 2006.

2. Oahu housing sales plummet. Oahu home and condominium sales continued to plunge late this year as Hawaii foreclosures skyrocketed nearly 248 percent to 393 total foreclosure filings in November - the fifth consecutive triple-digit increase since July.

3. Tourism chief resigns. Hawaii Tourism Authority Chief Executive Rex Johnson resigned in early October after a state auditor flagged his e-mail account for pornography in June.

In August, the board punished Johnson by docking his pay to $200,000 and cutting his four-year contract to one year. When new allegations surfaced in September that some of his e-mails included racist and sexist jokes, the issue reignited.

4. Isle tourism plunges. A 15.9 percent decline in visitor arrivals in November plunged the year-to-date performance for the state's visitor industry to its worst recorded 11-month level and may have put it on track to experience its worst year, in terms of percentage decline, since the Great Depression.

Statewide hotel occupancy also plunged to its lowest level since the months following 9/11.

5. Unemployment skyrockets. The state's jobless rate rose to a seven-year high of 4.9 percent in November as companies continued to slash their work forces in the face of an economic recession.

Layoffs swept isle employers, including 274 workers at Maui Land & Pineapple, more than 120 with the shutdown of Molokai Ranch, and about 2,100 Aloha and ATA airline employees when the two carriers ceased operations.

6. Fuel prices go up, then back down. A four-month decline in gasoline prices reached a new low earlier this month, as one retailer set the price below $2 a gallon, following a summer of $4-plus gasoline.

Isle ocean shippers implemented six consecutive declines in fuel surcharges from September through November.

7. High-profile bankruptcies. Hawaiian Telcom Communications Inc. filed for bankruptcy in early December after increased competition and an economic downturn prevented it from reaching an agreement with creditors over $25.6 million in interest payments.

Hawaii Medical Center LLC filed for bankruptcy in August to help reverse money-losing operations inherited when it purchased the former St. Francis Medical Centers.

Statewide bankruptcy filings in November hit the highest level since a federal law went into effect in October 2005.

8. Mall owner warns of bankruptcy. General Growth Properties Inc. put Ward Centers up for sale this month in an attempt to bring down billions of dollars in debt and stave off bankruptcy.

The Chicago-based company, which also owns Ala Moana Center, spent months trying to resolve iwi issues at its Ward Village Shops construction site and is moving forward with its Ward Neighborhood Master Plan.

9. Mokulele expands in isle market. Mokulele Airlines announced in October a partnership with mainland carrier Republic Airways to operate flights between Honolulu and Lihue, Kona, Kahului and Hilo with four 70-seat jets.

10. Going public. The parent company of Territorial Savings Bank is planning to go public in the first quarter of next year, issuing up to 12.6 million shares of common stock.

It would be the first Hawaii company to go public since Kapolei-based alternative energy firm Hoku Scientific Inc. in August 2005.