Gary's Blog

Sunday, March 13, 2011

The Economy Improves again for Maui!

Hotel Numbers continue gains in January

Maui occupancy was at 73.6%, up 6.7 percentage points from last January.
Average Daily Room Rate (ADR) is up 6.7% to $345.23.
Room revenue per available room daily for the month was up 17.3%, to $180.49.
Maui visitor numbers reflected similar statewide trends. Statewide occupancy averaged 74.5%, up 8.1 percentage points.
Maui visitor count is up 9.2% in January, Molokai up 8.2%, and Lanai is up 17.5%.
The Hawaii Tourism Authority said total spending for January was up 19.8% to nearly $1.2 billion.

Unemployment rate lower in Maui county

The unemployment rate for Maui County fell one percentage point in January from the same month a year ago, to 7.9%. State-wide, unemployment is doing even better, at 6.4%.

Nationwide, the number of people applying for unemployment benefits has fallen over the past six weeks to the lowest level in over 2.5 years.

Home sales rise on Oahu, Kauai and the Big Island

Oahu home sales climbed 2.3% in February, condo sales jumped 20.9% to 295 units! The median price for Oahu SFRs fell 1%, while condo prices climbed 7% to $320,000.

NABE survey

The National Association for Business Economics forecasts faster growth than previously expected.

The 47 economists polled in the survey expect the economy to grow 3.3% this year, and 3.4% in 2012. The outlook for consumer spending has improved, expected to grow 3.2% this year. Employers are expected, on average, to add 178,300 jobs per month this year.

Alaska Air adds Maui flights

Alaska airlines is adding more flights linking Northern California and Hawaii. It plans to fly from Oakland and Son Jose to Maui's Kahului Airport on a daily basis starting June 5.

Foreclosures down 2% last month

The number of Hawaii properties facing foreclosure activity declined 2% last month to 963 state-wide. The worst foreclosure rate by county was on the Big Island, with one filing per 270 households. The lowest foreclosure rate went to Honolulu, with only one per 825 households. Maui was in the middle, with one filing per 362 households. Bankruptcy's last month also fell, by 1% state-wide.

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