Despite continuous reports on economic progress on Maui and throughout the state of Hawaii, a few individuals remain skeptical as to the validity of the news, and those responsible for gathering data on things like Maui real estate information, business performance, personal income, etc. Here is some data that is harder to shrug off.
The state Department of Taxation has calculated a 12 percent increase in Hawaii revenues for the first seven months of the fiscal year, compared to the same period last year. Substantial changes like this one would be tough to exaggerate.
According to the report, Hawaii took in $3.15 billion between July and January, as opposed to the $2.8 billion in the same period last year. Revenue from general excise tax was up to $1.7 billion, which was an 11.3 percent increase, compared with the $1.5 billion of the same period last year.
What’s really interesting is the revenue from Hawaii’s hotel room and vacation rental tax, known as the transient accommodation tax. There was a 13.5 percent increase to $202 million from $177 million during the same period last year. This increase supports prior reports of the Hawaii visitor industry undergoing continual revitalization since the recession, and may relieve those who are interested in buying a Maui home for use as a vacation rental with possible use as a part time residence.
If you are in the market for Maui real estate, we specialize in the South Maui area, but we are very knowledgeable about the rest of the island, and would be happy to help you in those areas as well. You’ll find our contact information at the bottom of the page if you need us. Mahalo!