Visitors to Hawaii spent nearly 9 percent more in May than they did in the same month last year, according to the Hawaii Tourism Authority. It's a good barometer for the state of the economy, considering that most of our visitors come from the U.S. West, followed by the U.S. East. Those who rent out Maui properties are in a good position now, and the news could be a motivating factor if you're thinking about buying Maui real estate for use as a short term rental.
The report revealed an 8.7 percent increase in spending in May, for a grand total of $1.3 billion. The income goes a long way for those who work or own businesses related to the visitor industry. Also, a healthy visitor industry tends to stimulate the real estate market as visitors fall in love with the islands and become residents, or simply find a good investment opportunity.
According to the report, there was also a 4.5 percent increase in the number of Hawaii visitors in May, year-over-year, for a total of 751,191. Not only were arrivals from the U.S. West and East up, but so were arrivals from Japan and Canada. In fact, this has been true for March, April and May.
As usual, the U.S. West market statistics stood out the most. The spending increase from that region was up 9 percent to $478.7 million. Meanwhile, aside from Japan and Canada, spending from international markets fell 3.9 percent to $232.9 million, a circumstance that's often attributed to the strengthening value of the dollar compared to some other currencies.
As for the more reliable year-to-date statistics, the report revealed that spending is up by 9.8 percent to $6.9 billion for the first five months of the year. Arrivals grew by 4.2 percent during the same period, while daily spending was up 5.2 percent. As we often remind folks exploring the Maui real estate market trends, monthly data tends to swing, while year-to-date statistics present clearer, more consistent trends. On that note, if you're interested in a Maui real estate investment of your own in light of this information and you need our assistance, you'll find our contact information at the bottom of the page. Mahalo!
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Visitors to Hawaii spent nearly 9 percent more in May than they did in the same month last year, according to the Hawaii Tourism Authority. It's a good barometer for the state of the economy, considering that most of our… Continue Reading