According to the U.S. Bureau of Economic Analysis (BEA), the personal income of Hawaii residents rose by 9 percent between 2009 and 2011. This coupled with falling unemployment rates is not surprising, and should be reassuring to those of you considering a move to Maui or are concerned about maintaining a healthy income.
For reference, personal income on a national level grew 5.2 percent in 2011 from 3.8 percent in 2010. Hawaii’s personal income for 2011 was $59 billion total, and $54.2 billion in 2009.
Per capita income, which is total income divided by population, helps to paint a clearer statistical picture. That number rose by 6.4 percent in Hawaii to $42,925 last year, up from 40,242 in 2009. Nationally, per capita income in 2011 was $41,560, so we are a little above the average. The lowest was a metropolitan statistical area of Texas with $21,620 and the highest was a MSA in Connecticut at $78,504.
It is wonderful to hear that not only is Hawaii’s personal income growing, but so is the rest of the nation’s. The holiday season should involve a pretty substantial boost to the retail industry this year, which is always the case, but some years are better than others. Hopefully each year will continue to show improvements compared to the last.
If South Maui real estate is what really interests you, either for investment purposes or to find your dream property, this is the right place to be. You’ll find our contact information at the bottom of the page. In the meantime, check back on Fridays for our latest blogs on Maui events, real estate and economic developments. Mahalo!