According to the Brookings Institution’s MetroMonitor report, Honolulu was in the top twenty strongest-performing metropolitan areas in this year’s second quarter.
MetroMonitor has been watching the 100 largest metropolitan areas in the nation and reporting on a quarterly basis how well they are recovering. They rank based on percent change in employment and unemployment as well as the percent change in gross metropolitan product (GMP) and the percent change in housing prices.
The GMP is based on total value of goods and services produced within a metro area.
Honolulu’s presence in the top twenty is a very reassuring sign. Honolulu’s job loss rate slowed between the first and second quarters. Unemployment was at 2.7 percent in June compared to June 2008 which ranked Honolulu at number 18. Employment was off by 2.5 percent, putting Honolulu at number 26. The GMP dropped 1.5 percent from its peak, putting it at rank number 9. Housing was the real rough area with prices down by 3.6 percent ranking at 64th.
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