During the month of January, Hawaii unemployment claims fell by 20 percent and bankruptcy claims fell by 25 percent. These substantial changes are great news, especially the bankruptcies, which haven’t been at such a low level since January of 2008, according to the U.S. Bankruptcy Court in Honolulu.
There were 159 bankruptcy filings in January this year, as opposed to 212 filings during the same month last year. Year over year, Chapter 7 filings fell by 31.5 percent, while Chapter 13 filings fell by 4.3 percent.
The unemployment data came from the state Department of Business, Economic Development and Tourism, which reported that there were 1,616 initial jobless claims filed statewide during the week that ended on January 26th. That was 20 percent lower than the same week last year. Unemployment filings are tracked on a weekly basis, rather than monthly, but it’s still good news for January.
This information is encouraging for Hawaii’s economy as a whole, and isn’t very surprising, considering our growth in visitor arrivals and spending, combined with more commercial construction projects and the recent increase in state jobs.
Those looking for a home on Maui as a full time residence that are concerned with making a living should find this news encouraging. As for those in the market for a Maui investment property to use as a part-time residence, there are some excellent vacation rental management companies on the island.
We hope that these positive trends continue, and that the rest of the country follows a similar pattern with Hawaii. After all, our economy is influenced heavily by tourism, which comes from the U.S. mainland, and new Maui homeowners often move here from all over the country looking for a relaxed lifestyle, a beautiful natural environment, and warm weather. If you need any assistance with your search for Maui real estate, you’ll find our contact information at the bottom of the page. Mahalo!