Hawaii's unemployment rate fell from 4.6 percent to 4.1 percent in March, compared to the same month last year. This information comes from a recent report released by the state Department of Labor and Industrial Relations. It's good news for anyone who is interested in the health of Hawaii's economy, such as prospective Maui home owners who intend to work and do business here.
The unemployment rate was seasonally adjusted in the report, which also revealed that the national unemployment rate was 5.5 percent, compared to 6.6 percent in March. It's a bigger improvement, but the national average still hasn't caught up with Hawaii's low unemployment. The labor force grew by 675,750, compared to 665,450 in the same month last year, which is an increase of 1.5 percent.
The report also provided data on unemployment rates without the seasonal adjustment. For Hawaii, that was 3.9 percent, compared to 4.5 percent in March of 2014. Nationally, that figure was 5.6 percent, compared to 6.8 percent.
The individual islands included their own data, but none were seasonally adjusted. This is where we get to compare the performance of the various islands. There was a difference between the unemployment rates of Maui County and the island of Maui alone. This is because Maui County includes Lanai and Molokai. Maui's unemployment was 4.1 percent, down from 4.7 percent. Lanai was at 3.8 percent, up from 2.8 percent. Molokai was at 7.7 percent, down from 8.7 percent. Collectively, that put Maui County at 4.2 percent, down from 4.8 percent. Meanwhile, Kauai unemployment was at 4.5 percent, down from 5.1 percent, while the Big Island was at 4.9 percent, down from 5.7 percent.
If you're unsure of which island you want to settle on, and you're considering purchasing Hawaii real estate, perhaps this will motivate you to choose Maui. While Lanai's unemployment is low, it also has a tiny population. Among the other islands, Maui performed second only to Oahu, with the report revealing a 3.6 percent unemployment rate in Honolulu, compared to 4.1 percent in March of last year.
If you need any assistance with your Maui real estate search, you'll find our contact information at the bottom of the page. Mahalo!
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