Not only did Hawaii’s personal income grow in the first quarter of 2011, but the rate of growth also increased when compared with the last quarter of 2010. This is a great sign for the economic recovery that so many have been hoping for.
According to the U.S. Bureau of Economic Analysis, personal income for Hawaii was $57.5 billion for the first quarter of the year, which is 1.9 percent higher than the $56.5 billion reported for the fourth quarter of last year. Between the third quarter of 2010 and the fourth quarter of 2010, the increase was just 0.9 percent.
Now as for this year’s first quarter performance compared to the same quarter last year, there was a 4.4 percent increase in personal income for Hawaii. The growth from one quarter to the next may seem minor, but the improvements have been adding up over time.
There is also more good news. Hawaii wasn’t the only state that saw personal income growth last quarter compared to the one before. In fact, all 50 states experienced the same trend. Interestingly, North Dakota led the charge with the fastest increase in rate of growth, and that is considered to be thanks to a major spike in global wheat demand, to the point where U.S. prices rose.
For now, we can only hope these healthy trends continue, both for our state and the rest of the country!
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