If you’re browsing Maui real estate because you’re thinking about making a permanent move to the island, you may have been contemplating your professional ambitions lately. Maui is an interesting place to earn a living, especially for creative, enterprising types. Fortunately, employment opportunities have been expanding over the years. According to the state Department of Labor and Industrial Relations, as of August, Hawaii’s unemployment hasn’t been this low since April of 2007.
Based on their report, Hawaii’s seasonally adjusted unemployment rate was just 2.6 percent last month. In comparison, the national rate was 4.4 percent. Maui’s unemployment rate, which was not seasonally adjusted, was even lower at 2.3 percent. That’s down from 2.4 percent in July, and also down from 2.9 percent in August of last year.
What really stood out about the report was Molokai and Lanai, the other islands in Maui County. Lanai’s unemployment rate was just 3.1 percent, down from 6 percent in July and 5.5 percent in August of last year. Molokai’s unemployment rate was 7.6 percent, down from 9.2 percent in July, and up just a bit from 7.3 percent in August of last year. Combining all three islands for the Maui County unemployment rate, the figure was 2.5 percent, down from 2.7 percent in July and down from 3.1 percent in August of last year.
Low unemployment rates are a significant factor in a healthy economy. That’s something to keep in mind as you make your future plans to buy Maui real estate and work here. To add some extra clarity to the economic picture, the report revealed that the growing industries included Professional & Business Services with 1,300 new jobs, and construction with 400 new jobs.
Once you’re ready to move forward with a Maui real estate purchase, getting pre-approved for a loan is a crucial step in knowing how much home you can afford based on your current and continued income. This helps prevent future disappointments if you’re dead set on buying a specific property only to find that you aren’t approved for the sale price.
For assistance with these steps, your real estate search, and every step of the buying process, you’ll find our contact information at the bottom of the page. We would be happy to help you make the right Maui real estate investment for your specific needs. For other updates on Maui real estate listings, the market, events, and lifestyle, we release a new blog every Friday, and you can also browse through past topics for interesting information. Mahalo!