Hawaii's unemployment rate has reached its lowest point in 10 years, as of March 2017, according to a report from the Hawaii State Department of Labor & Industrial Relations. For many of those who contemplate a move to Maui, whether singly or with family, the state of the economy can be the deciding factor. This report says a great deal about the job market.
Unemployment has been on a downward trend for a long time, and the interesting question is how much lower it will go. The seasonally adjusted unemployment rate for March was 2.7 percent, which was down another 0.1 percent from February. This might not seem like a leap, and it's not, but the most significant progress is the steady, incremental kind. As you might learn from the Maui real estate market, sudden changes, whether upward or downward, aren't really that significant in a small market.
The report highlights the fact that Hawaii's unemployment hasn't been at 2.7 percent since back in June of 2007. This currently translates to about 677,700 people employed in Hawaii with only 19,100 unemployed. That made the seasonally adjusted labor force 696,800 in March.
Looking at the more recent developments of this trend, unemployment was down by 0.4 percent in March, compared to the same month last year, when its seasonally adjusted rate was 3.1 percent. When you look at the numbers year-over-year, you can get a clearer picture of the kind of progress that's being made.
Another piece of the puzzle that makes this trend worth paying attention to is the fact that Hawaii's population isn't decreasing, but increasing. For example, between 2000 and 2010, Hawaii's population increased by 12.3%, according to the U.S. Census Bureau.
If you're concerned about job prospects in Hawaii, keep in mind that the seasonally adjusted employment rate for the nation as a whole was 4.5 percent in March, compared to 4.7 the month before. So, the rest of the nation is seeing improvements, but Hawaii is ahead of the curve. With that in mind, if you're interested in finding the right Maui real estate investment, you'll find our contact information at the bottom of the page. We would be happy to assist you. Mahalo!
Plans for the Makena Resort in South Maui seemed to be up in the air after the investors foreclosed on the property in 2009. The current owner, ATC Makena Holdings, LLC announced its plans for redevelopment about three years ago, and public records indicate that those plans are taking shape and moving forward.
ATC Makena Holdings, which includes members from New York-based AREA Property Partners, Honolulu-based Trinity Investments LLC, and Stanford Carr Development, will partner with Discovery Land Co. to turn the 47-acre property into a mixed-use project. It will include single-family, multi-family, resort commercial and vacation rentals, a conversion with a $354.5 million price tag.
Known today as the Makena Beach & Golf Resort, it was formerly known as the Maui Prince Hotel, which opened 30 years ago. While it was operating, it housed a lot of guests, and provided jobs for many local residents. The resort closed in July of 2016, but the redevelopment will create 400 new construction jobs, while about 20 percent of its 385 employees will continue on to help with operations.
According to ATC Makena Holdings, the project should be completed in three to five years. The hotel's 310 rooms will be converted into a smaller number of luxury apartment units. According to the environmental assessment report, the project will include 158 units total. That will break down to 52 multi-family units, 15 single-family custom estate lots on a single parcel, while a third parcel will include eight single-family custom estate lots. The commercial village will contain 14 condo units, 27,300 square feet of commercial/retail space, and 10 transient vacation rentals on a nearby parcel.
A project of this magnitude is certainly worth keeping an eye on, for those who are interested in new South Maui real estate developments. Whether or not you are interested in the project directly, luxury developments do influence the market, especially in the area where they are located. This particular project has several years to go, so we may mention it again in the future as things unfold. If you need our assistance finding the Maui real estate to meet your needs, you'll find our contact information at the bottom of the page. Mahalo!
Having trouble deciding what state you want to live in permanently? Some Maui real estate buyers are in the market for a second home, which they use seasonally, others purchase strictly for investment purposes, but some never want to leave. These are the ones that put down roots, buy a Maui home, and spend their lives enjoying the many charms the island has to offer. According to a new study by the University of Hawaii at Manoa, being in the Aloha State could help extend that life, which is a benefit you may want to add to the list.
According to the study, Hawaii life expectancy at birth in the year 2010 was 82.4 years, which is 3.7 years longer than the US national average, where the life expectancy is 78.7. Of course, these are just averages, and there are plenty of strategies that we can use to help increase our odds of a longer life. Things like exercise, a healthy diet, a clean environment, and a low-stress lifestyle are among the top factors that we have some measure of control over, as opposed to genetics. Fortunately, Maui is an ideal place for a healthy lifestyle on all these counts.
The study was published as an article in the Hawaiʻi Journal of Medicine and Public Health in January of 2017, titled, “Life Expectancies in Hawaiʻi: A Multi-ethnic Analysis of 2010 Life Tables.” Their research revealed a dramatic rise in life expectancy at birth from 69.5 years in 1950 to 82.4 years in 2010. In addition, they discovered that life expectancy was 80.6 for Hawaiian-dwelling Caucasians, while the ones living on the US Mainland had a life expectancy of 78.9. True, it's just a couple of years, but a couple of years can mean an awful lot.
Living in Hawaii isn't without its challenges, of course, one of which is earning a good solid income, but self-starters tend to thrive in our island economy. Luckily, the best things on Maui are free, if you love the clean air, the breathtaking ocean, the relaxed pace of life, and the endless opportunities for a physically active lifestyle.
If your primary challenge is finding the right real estate to meet your needs and preferences, we would be happy to help you. There are plenty of opportunities for a good buy in our current market. Having expert help can make all the difference. If you need us, you'll find our contact information at the bottom of the page. Mahalo!
Hawaii's unemployment rate has reached its lowest point in 10 years, as of March 2017, according to a report from the Hawaii State Department of Labor & Industrial Relations. For many of those who contemplate a move to Maui, whether singly or with family, the… Continue Reading
Plans for the Makena Resort in South Maui seemed to be up in the air after the investors foreclosed on the property in 2009. The current owner, ATC Makena Holdings, LLC announced its plans for redevelopment about three years ago,… Continue Reading
Having trouble deciding what state you want to live in permanently? Some Maui real estate buyers are in the market for a second home, which they use seasonally, others purchase strictly for investment purposes, but some never want to leave. These are the ones that put down roots, buy… Continue Reading
If you're going to choose South Maui real estate, why not take advantage of the soothing, healthy lifestyle that's available in this amazing part of the island? Maui has around 30 miles of beach, which is more than any of the… Continue Reading