Some encouraging news has recently come down the pipeline from the Hawaii state Department of Labor and Industrial Relations. Hawaii’s seasonally adjusted unemployment rate dropped to 3.2 percent in January. It was at 4 percent the same month last year. It’s a substantial step in the right direction for Hawaii residents, and anyone involved with things like business and real estate in Hawaii.
The announcement included a breakdown of the unemployment rates by island, which were not seasonally adjusted. As expected, Honolulu took the lead with the lowest rate, which came out to 2.8 percent, down from 3.5 in January of last year. On the other end of the spectrum was the Big Island with 3.8 percent unemployment, down from 5 percent. Kauai was 3.6 percent, down from 4.6 percent.
As Maui real estate specialists, we were most interested in the numbers of our county, which includes Maui, Lanai and Molokai. The unemployment rate for all of Maui County was 3.3 percent, down from 4.3 percent. The rate for the island of Maui was also 3.3 percent, down from 4.2 percent. Lanai’s unemployment rate was all the way down at 2.8 percent, down from 3.5 percent, while Molokai’s rate was at 6.3 percent, down from 8.5 percent.
For reference, the seasonally adjusted national unemployment rate was 4.9 percent in January, which was down from 5.7 percent in the same month last year. There’s still room for improvement, of course, but it’s great to know that Maui’s unemployment rate is significantly lower than the national average.
Hopefully the downward unemployment trends throughout the islands and the nation will continue with economic growth. If you’re considering a move to Maui, we’re hoping you find this information encouraging. For those of you in the market for Maui real estate, you’ll find our contact information at the bottom of the page if you should need our assistance. Mahalo!