Maui's Economy Rebounding Thanks to Improvements in Tourism

Respected Hawaii economist Jack Suyderhoud believes that Maui's economy is beginning to rebound thanks to improvements in their visitor industry.  At a recent business forum on Maui, Suyderhoud, who is a professor of business economics at the University of Hawaii, stated, "Slowly these benefits have spread from the tourism sector to other parts of the economy, including commercial construction, retailing, real estate and, most importantly, jobs.  Maui's tourism boom will slow down, but its continued strength will support the rest of the economy.  Certainly challenges remain in the residential construction sector, but infrastructure and commercial construction are leading the way. The business outlook for Maui is positive in the next year."

According to Suyderhond, Maui has already received 1.2 million visitors during the first six months of 2013.  This is an increase of 4 percent from the year prior.  More importantly, these visitors spent $1.9 billion during that time, which was a 12 percent increase from the first six months of 2012.  Suyderhoud cautions that Maui still has a way to go, and noted that during this past economic downturn about 9,000 jobs were lost.  By best estimates, about 5,000 of those jobs have been regained in the past few years.  Suyderhoud summarized, "While this is very good news, it is worth noting that Maui is still 4,000 jobs below the prior peak and the unemployment rate is still well above the 3 percent rate before the Great Recession."

Source: Honolulu Star Advertiser, 9-6-2013, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, REALTOR®
Global Executive Realty, LLC
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