Based on the recent news, the Hawaii economy is beginning to turn around and inch toward more prosperous conditions.
On Maui, home sales are high, condo sales are high and prices haven’t begun climbing yet, aside from a very small increase in condo prices in May, year-over-year.
Gas prices have recently been falling with an average of $3.47 per gallon over the past week, according to AAA Hawaii Weekend Gas Watch.
According to the Hotel Industry Snapshot, conducted by Smith Travel Research and the Hospitality Advisors, Hawaii hotel occupancy was up 7.1% year-over-year last week. Maui has recently led the charge, outstripping the other islands, but Oahu occupancy just jumped 9.5% putting them ahead by one percent while Kauai had an excellent 11.3% increase. The state average is 70.3% which is 4.5% higher than the national average. Pleasantly, for visitors, room rates have dropped with the increase on the islands of Maui, Oahu and Kauai.
According to the US Department of Labor, the Hawaii unemployment rate has fallen from 6.9% in May 2009 to 6.6% this May. On the jobs subject, Hawaiian Airlines added flights back to San Diego and expanded their flight crew, leading to a 2.1% increase in their employment.
If all goes well and these upward trends continue, no matter how slowly, we’ll be looking forward to a more comfortable future.
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