Tourism is still the driving factor in Maui County’s economy, according to economists at First Hawaiian Bank’s 39th annual Maui Business Outlook Forum. But if you’re thinking of moving to Maui and finding a job, or starting a business, read on.
At its lowest point in the recent deep recession in 2010, the county lost nearly 9,000 jobs. About 5,000 of those jobs have returned, mostly in tourism and other service-related fields, and the unemployment rate is still well above the 3% rate before the recession. In my personal experience, I was working a part-time job on Maui when I was laid off. I found out firsthand that these jobs numbers are not totally accurate: I would never show up as a statistic, because I could not collect unemployment as a part-time employee. So it was as if my job never existed. And I could not collect unemployment, even though I’d been paying into it for years!
In it’s third-quarter “Outlook for the Economy” published last month, the State Department of Business, Economic Development and Tourism projected state unemployment rates to be 4.8% in 2013 and 4.5% in 2014.
As for construction, activity has been on a slow but steady climb since 2011 and has made about a 25% recovery after plummeting to its low point in 2010. However, the economists noted, the opportunities are coming from infastructure and commercial construction, and less from residential and timeshares. So if you’re a guy planning to swing a hammer, be aware of that.
The retail sector also is expected to grow. The Maui Mall will add a T.J. Maxx store, scheduled to open in summer 2015.(Yay.) And the Queen Kaahumanu Center is planning to add new “name brand” shops. (That will be nice, especially after we lost both JCPenney and the Gap. Because of that, I tend to shop for basics on the mainland.)
As far as real estate, based on January – through – July numbers this year, sales for both single – family and condo units were well on their way to numbers not seen since their peak in 2007: 1,000 single family units and 1,300 condos sold. “The market is getting back to where it was,” said the President of Realtors Association of Maui, P. Denise LaCosta.”When inventory is low like this, it means prices will rise, and inventory will continue to shrink.” Maui’s real estate inventory has declined 11-14% over the last 12 months.
Make of these numbers what you will…A number of readers wrote to tell me they were planning to move to Maui. If you are one of those people, please write and tell me if you found jobs. Shauna?
Other than that, we have drought conditions here on Maui, because it’s been hot, hot,hot with NO rain. I got my haircut today and was talking with my hairstylist, who lives in Haiku. She said that Haiku (rainy, eastern-Maui, jungle) used to only get in the high 70s, and it has consistently been 85 to 87 this past week. She said she is “over summer” and “so tired of being hot!” I concur. As I wrote in a past blog post, statistics now show that Maui is 10° hotter than it was 10 years ago…
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