Jeff Stone, a Hawaii developer, has announced that he plans to sell the Makaha Valley Country Club to Pacific Links Hawaii for an undisclosed purchase price. This news is being met by mixed reaction from the community. In 2010, Stone had stated that he was going to donate the same property to Kamehameha Schools and the state Department of Hawaiian Home Lands for education and affordable housing. Jeff Stone was quoted on April 2010 as saying, “This is a pure gift to Kamehameha Schools and DHHL with no strings attached. This will change the lives of future generations of this community.” However, the contract was not legally binding and several months later, Stone told the Department of Hawaiian Home Lands and Kamehameha Schools that he was canceling his agreement.
Source: Honolulu Star Advertiser, 3-31-2012, www.staradvertiser.com
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Saturday, March 31, 2012
Friday, March 30, 2012
Unemployment Down in February 2012
According to the State of Hawaii’s Department of Labor and Industrial Relations, unemployment in the state of Hawaii decreased to 6.4 percent in February 2012. In comparison, Hawaii’s unemployment rate was 6.5 percent in January 2012 and 6.6 percent in February 2011. Director for the DLIR, Dwight Takamine, stated, “While we realize that many families are still struggling to make ends meet, we’re hopeful that job gains in multiple sectors will continue as a trend and our overall unemployment rate will continue to fall.”
Honolulu County had a 5.5 percent unemployment rate. Maui County had a 6.8 percent unemployment rate. Kauai County had a 7.9 unemployment rate. The national average was 8.3 percent. Principal Economist at TZ Economics, Paul Brewbaker noted, “The decline in unemployment is pretty consistent with what we’ve seen with the broader economic recovery. Labor market conditions have been better on Oahu than on the neighbor islands and better in Hawaii than the nation as a whole.”
Source: Honolulu Star Advertiser, 3-30-2012, www.staradvertiser.com
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Visitor Arrival and Spending Up in February 2012
According to a report released by the Hawaii Tourism Authority, visitor arrival had increased by 5.6 percent in February 2012 and spending had increased by 8.5 percent as compared to the same month a year prior. This equated to 626,367 visitors who spent a total of $1.09 billion, or $183 per person per day. President and CEO for the Hawaii Tourism Authority, Mike McCartney, stated, “We are happy that the momentum for our tourism economy remains strong. At this pace we are not only exceeding our year-over-year expenditures, but will surpass the peak year of 2007 and are currently ahead of the aggressive targets set for 2012.”
Vice president for Hilton Hawaii, Jerry Gibson, was a little more reserved with his opinion and noted that the expense for running a hotel has increased dramatically since 2007. Gibson stated, “We are very fortunate that Hawaii is one of the best tourism markets in our nation, and we are forecasting a good first half of the year. However, it would be extraordinarily difficult to achieve the levels of 2007. I don’t think we’ll catch up to the revenues, and certainly the expenses have increased to the point that we couldn’t overtake them.”
Source: Honolulu Star Advertiser, 3-30-2012, www.staradvertiser.com
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Thursday, March 29, 2012
Personal Incomes Increased in 2011
According to a report released by the U.S. Bureau of Economic Analysis, personal incomes in the state of Hawaii increased by an average of 4.5 percent in 2011 as compared to 2010. This equated $43,053 per capita in 2011 as compared to $41,550 the year prior. While Hawaii officials are quick to praise the increase, it should be noted that nationally personal incomes increased by 5.1 percent in 2011. North Dekota showed the highest growth at 8.1 percent, and Maine the smallest at 3.4 percent.
Source: Honolulu Star Advertiser, 3-29-2012, www.staradvertiser.com
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Wednesday, March 28, 2012
$3.87 Million Awarded in Lawsuit of Condo Association and Board of Directors
In 2007, Jim and Nancy Bevill, who live in the Ke Nani Kai Condominium on the island of Molokai, decided to write a letter to their fellow homeowners describing crimes that were being committed on the condominium grounds and asking them to help elect a new board of directors. According to court testimony, the couple then became the target of threats, death threats, harassment and intimidation by the resident manager, the board of directors, and an unlicensed contractor who was hired by Ke Nani Kai to do work around the complex. The board of directors also filed a lawsuit against the Bevills alleging defamation, but the lawsuit was later dismissed in court due to lack of merit.
This past week, a Maui jury sided with Jim and Nancy Bevill and awarded them $3.87 million in general and punitive damages. Court documents showed that the jury sided with the Bevills on all 11 counts and “found that the board of directors, the association or their agents or employees engaged in engaged in racketeering, civil conspiracy, gross negligence, malicious prosecution, abuse of process, breach of contract and negligent and intentional infliction of emotional distress.” Three of the Ke Nani Kai board members were each assessed between $200,000 and $300,000 in damages. The resident manager, Darrel Borling, was assessed $190,000 in punitive damages, and the unlicensed contractor, Frank Maurizio was assessed $380,000 in punitive damages.
Members of a condominium’s board of directors are usually volunteers who own a unit(s) in the complex. Most condominium insurance policies do not cover punitive damages, so an individual defendant may be personally responsible to pay for the damages themselves. Real estate experts predict that one of the fall outs from this landmark case is that there will be increased number of resignation from various condominium board members throughout the islands.
Source: Honolulu Star Advertiser, 3-28-2012, www.staradvertiser.com
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Tuesday, March 27, 2012
Future Dowsett Estates Subdivision Sparks Concern from Nuuanu Neighbors
In 2005, Laumaka LLC purchased a 45-acre parcel of land in Nuuanu on the island of Oahu and planned to create a new subdivision named Dowsett Estates. The subdivision is designed to have a total of nine lots, with each lot allowed to have a total of two custom homes built on them. However, in recent months, Laumaka LLC has hit strong opposition from neighbors who are very concerned about the problems that are already occuring as Laumaka starts groundwork for the subdivision.
According to the residents of Nuuanu, there have been recent landslides and cracks to existing homes directly caused by the work that Laumaka is doing to prepare for the building of Dowsett Estates. According to city records, there have already been several violations noted by the Department of Planning and Permitting against the developer, but neighbors feel that little is being actually done by the city. Former president of the Nuuanu Valley Association, John Harrison, stated, “The community has lost a lot of faith in their government’s ability to look out for their interests. This project has already caused minor problems. Sooner or later it’s going to cause some massive problems.”
Director of Honolulu’s Department of Planning and Permitting, David Tanoue stated, “The Department of Planning and Permitting is aware of the concerns expressed by the neighbors of the project. The developer has submitted revised plans to correct the violations which are currently being reviewed by the department. Other than these violations, the department has determined that the work being performed is within the scope of the building plans. We will continue to monitor the work to ensure the health and safety of all the residents in the area.”
Source: Honolulu Star Advertiser, 3-27-2012, www.staradvertiser.com
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Certified Hawaii’s CEO and Principal Broker Fired for Theft Allegations
Certified Hawaii is one of the largest real estate management companies in Hawaii and handles the accounts of over 500 condominiums and townhouses in the islands. Over the last 16 years, Toni Floerke has been the company’s Principal Broker and notary, and was named CEO in 2007. Floerke has been fired by parent company Associa, based out of Dallas, Texas, for allegiedly stealing between $50,000 to $100,000 from the owners association of three Oahu townhouses.
According to Carol Piering, a spokewsoman for Associa, Floerke “misappropriated the funds by taking them from boards and Certified Hawaii and directly placed them elsewhere.” Piering added, “I can’t stress enough how disappointed and upsetting it is that you put your trust in a leader and it’s too bad a dishonest person has to make our homeowners, board members, clients and employees question our integrity.” It should be noted that no crimial charges have been filed against Floerke as of yet, but Piering stated that Associa may decide to do so at a later date.
Senior Vice President of Associa, Joey Carona, stated, that the theft occured over the last two years, but was only discovered about two weeks ago. Carona stated, “We quickly began an internal investigation to learn the scope of the problem. When presented with the significant evidence that we quickly uncovered, she (Floerke) readily admitted her actions, whereupon she was immediately terminated. We will be taking appropriate action against this former employee.”
Certified Hawaii currently has 142 employees, and Carol Piering stated that there will be a reaudit of all of the accounts to make sure that everything is in order. Those associations which have had money stolen from them will be repaid. Piering concluded, “When something like this type of misappropriation happens, we have zero tolerance. We are extremely apologetic about it. It is absolutely not how we do business.”
Source: Honolulu Star Advertiser, 3-27-2012, www.staradvertiser.com
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Monday, March 26, 2012
Maui Oceanfront Inn for Sale
Western Apartments Supply & Maintenance Co. is being forced to sell the Maui Oceanfront Inn as part of its bankruptcy. Western Apartments currently owes $12.3 million to OneWest Bank and has approximately 50 other creditors named. The Maui Oceanfront Inn is located on Keawakapu Beach and has a small 87-room facility. Bankruptcy Trustee Joseph Toy has stated that he has begun accepting offering on March 19, and will continue to take take offers until a decision has been made on May 21. Toy stated, “only bids in excess of $7 million will be considered.”
According to Toy, the occupancy at the Maui Oceanfront averaged only 48.9 percent in 2009, but increased to 67.4 percent in 2010 and 78.1 percent in 2011. Since December 2011, the occupancy rate has remained over 90 percent.
Source: Honolulu Star Advertiser, 3-26-2012, www.staradvertiser.com
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Veterans Affairs Hopes to Build New Medical Center on Oahu
The Department of Veterans Affairs hopes to find a developer to build a new $125 million medical center on Oahu in an effort to relieve some pressure from the Tripler Army Medical Center. The tentative plans call for a developer to build 125,000 sq ft building which will be primarily occupied by a VA hospital (72,00 sq ft) and the Defense Department (36,000 sq ft). The remaining space will be used by the Veterans Benefits Administration and Hawaii Office of Veteran Services. The Department of Veterans Affairs and Department of Defense will have a long term contract with the developer to rent the medical center. The hope is to have this hospital built and operational within 4 to 5 years.
According to Veterans Affairs, a total of 10,000 and 13,000 veterans live on Leeward Oahu, Central Oahu and the North Shore. The Department of Veterans Affairs plans to open a $1.5 million outpatient clinic in the Hawaii Medical Center-West to help treat patients until a new hospital is built. Also planned is a “mobile vet center” which will help reach outlying communities.
Source: Honolulu Star Advertiser, 3-26-2012, www.staradvertiser.com
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Sunday, March 25, 2012
Hawaii Economy – 2.7 Percent of Hawaii’s Jobs are Green
According to a report released by the U.S. Bureau of Labor Statistics, a total of 2.7 percent (15,593 jobs) of Hawaii’s jobs in 2010 are “green”, making it the 15th highest state nationally. The defination a green job is one that “benefit the environment or conserve natural resources”. Employees must be involved in either renewable energy, energy efficiency, pollution reduction, greenhouse gas reduction, recycling, organic agriculture, sustainable forestry or environmental conservation. The state of Vermot ranked number one in the country with 4.4 percent of their jobs being “green”. Florida ranked the lowest at 1.3 percent. The national average was 2.4 percent.
The State of Hawaii launched “Hawaii’s Green Jobs Initiative” in 2009, which connected employers with job seekers. The program was funded through federal stimulus money and helps to provide information on green jobs and careers as well as training programs.
Source: Honolulu Star Advertiser, 3-25-2012, www.staradvertiser.com
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Liliha Neighborhood Undergoing Revitalization
Members of the Liliha neighborhood have decided to band together to help revitalize their residential community and hope to make it into the newest visitor destination on Oahu. The plan is to create an authentic “small-town” atmosphere to help attract visitors from abroad as well as other parts of the island. Additional details of the plan will be revealed in May during various community meetings.
The Liliha community has suffered greatly from the January 2012 closing of the Hawaii Medical Center’s Liliha campus. The medical center provided over 1,000 jobs.
Hawaii Tourism Authority’s president and CEO, Mike McCartney, praised Liliha’s efforts to help boost tourism. McCartney stated, “Liliha is an example of a place that people can visit and connect with our history, our people and our community. When tourism experiences are generated by the community, they are appreciated by our visitors.”
Source: Honolulu Star Advertiser, 3-25-2012, www.staradvertiser.com
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Saturday, March 24, 2012
Concerns Remain Over Federal Spending Reductions
With the United States federal government hoping to bring their budget under control, there has been a significant concern at the state level that federal money would be reduced drastically over the next few years. Senior Affairs Counsel for the National Conference on State Legislatures, Michael Bird, spoke to Hawaii’s lawmakers and warned that Hawaii could lose an additional $45 million in funding. Bird noted that schools, transportation, health and human service and justice programs can all see federal budget cuts. Bird stated, “The public generally partakes in services and structures that government provides — whether it’s public education, community hospitals and child care programs, highways, bridges. Government is in the middle of everyone’s life, though they may not realize it.”
Source: Honolulu Star Advertiser, 3-24-2012, www.staradvertiser.com
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Friday, March 23, 2012
Gas Prices in Hilo Reach Record High
According to AAA Hawaii, the average price of a gallon of regular gasoline reached a record high of $4.669 in Hilo, Hawaii (Big Island). The previous high of $4.65 per gallon was set on July 31, 2008. Across the state, the average for regular gasoline was $4.50 per galon, which continued to give Hawaii the highest gas prices in the nation. According to the national branch of AAA, the average price for gas was $3.881 per gallon across the nation.
Source: Honolulu Star Advertiser, 3-23-2012, www.staradvertiser.com
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Several Labor Unions Endorse Kirk Caldwell for Mayor
The Plumbers & Fitters Local 675, International Brotherhood of Electrical Workers Local 1186, Elevator Constructors Local 126, Insulators and Allied Workers Local 132, Boilermakers Local 627 and Iron Workers Local 625 have all endorsed Kirk Caldwell for Honolulu Mayor in the up coming election. These six unions represents a total of approximately 7,200 current and retired works in the construction and building industry. The Hawaii Government Employees Association, United Public Workers, State of Hawaii Organization of Police Officers and the Hawaii Fire Fighters Association have also endorsed Caldwell for Mayor.
Source: Honolulu Star Advertiser, 3-23-2012, www.staradvertiser.com
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Public Hearing Scheduled for New Waikiki Oceanfront Hotel Tower
Kyoya Hotels & Resorts are hoping to build a new oceanfront hotel tower in Waikiki next to the Moana Surfrider Hotel. The 282-foot tower is expected to be 26 stories tall and have a mix of hotel rooms and condominium units. Several environmental and community groups are concerned about the variance which was granted by the Department of Planning and Permitting in December 2010 and have filed an appeal with the Zoning Board. The basic contention by the opposition is that the new tower will “degrade their enjoyment of the beach”. The Zoning Board of Appeals will be scheduling two additional hearing on April 5 and 19 to allow both sides the opportunity to bring forth witnesses and expert testimonial.
Source: Honolulu Star Advertiser, 3-23-2012, www.staradvertiser.com
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Thursday, March 22, 2012
Pearlridge Center Has Remaining Interest Purchased
Glimcher Realty Trust, who currently owns 20 percent of Pearlridge Shopping Center on Oahu, has announced that they will be buying the remaining 80 percent from Blackstone Group LP. The remaining 80 percent will be sold to Glimcher Realty Trust for $289.4 million. Board chairman and CEO for Glimcher, Michael Glimcher, stated, “We are excited to increase our ownership in Pearlridge Center, a high quality mall that we already know well and currently manage. With sales of nearly $500 per square foot and a dynamic growth profile, this strategic investment is consistent with our goal of enhancing the quality of our real estate portfolio.”
Colliers International’s director of consulting and research, Mike Hamasu, commented, “There are factors that contribute to why Glimcher might want to acquire it at that price. They might view that there are opportunities for redevelopment. Maybe they feel that the economy’s improving and ultimately the market dynamics for the mall will appreciate or they may have tenants that are interested in paying higher rents if they decide to re-tenant.”
Source: Honolulu Star Advertiser, 3-22-2012, www.staradvertiser.com
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Wednesday, March 21, 2012
State Hopes To Increase Corporate Meetings and Conventions
The Hawaii Visitors and Conventions Bureau and Smart Meetings Magazines have just completed a three day trade show which brought in corporate meeting and incentive planners from across North America in an effort to increase the number of bookings in Hawaii. Hawaii has always been a strong “fun” touristic destination, but the state hopes to also show the business side of Hawaii and build upon the success that last year’s Asian Pacifici Economic Cooperation (APEC) Summit had for the islands. President and CEO of the Hawaii Tourism Authority, Mike McCartney, stated, “The trade show will provide planners from across the nation an opportunity to experience our world-class facilities firsthand and see what makes Hawaii an ideal place to conduct business.”
Source: Honolulu Star Advertiser, 3-21-2012, www.staradvertiser.com
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Tuesday, March 20, 2012
Public Schools To Use Photovoltaic (Solar) Systems
Aiea High School is the first public school in the state of Hawaii to add a photovoltaic (solar power) system to its campus. Administrators believe that the project will save the Department of Education approximately $150,000 in electricity costs over the next 20 years and help teach students about renewable energy sources. Hawaii Pacific Solar was the company responsible for the installation, and will also be doing work on three additional public schools on Oahu as well as all 15 public schools on the island of Kauai.
The Department of Education is not paying any upfront cost to install the systems and have created a power purchase agreement to pay start off paying 17 cents per kilowatt-hour for the schools located on Kauai and 19 cents per kilowatt-hour for the schools with photovoltaic systems on Oahu. This is significantly lower then the 32.6 cents per kilowatt-hour that Oahu residents are currently playing, and the 42.6 cents per kilowatt-hour for Kauai residents. The contract does have room for modest annual price increases.
On Oahu, Waianae High School, Kahaku High School and Kahuku Intermediate are current undergoing photovoltaic solar system installations and Kaimuki High School has plans to add one later this year. Installations for all of the Kauai schools are expected to begin in 2012 and be completed by 2014.
Source: Honolulu Star Advertiser, 3-20-2012, www.staradvertiser.com
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Saturday, March 17, 2012
New Landfill Site on Oahu Being Sought
The Honolulu Mayor’s office has created a new Advisory Committe on Landfill Site Selection to evaluate and rank a total of 22 potential landfill sites on Oahu. The city’s current main site, the Waimanalo Gulch Landfill in Leeward Oahu, is very close to maximum capacity and a new location is necessary. According to the committee, they will factor in the site’s proximity to homes, schools and health facilities as well how the new landfill will affect traffic. The committee is also concerned about how much rainfall the location receives on annual basis, since there may be some water runoff if the area obtains heavy rain.
For additional information, you can go to www.opala.org and click on “Landfill Status”
Source: Honolulu Star Advertiser, 3-17-2012, www.staradvertiser.com
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Friday, March 16, 2012
Honolulu Rail Project – Cheaper to Start Rail Project Now Than Delay Construction
Interim Executive Director for the Honolulu Authority for Rapid Transportation, Toru Hamayasu, stated that it would be cheaper for the city to start construction of the rail project then delay construction, even with the stipulation that the project may be forced to be torn down completely if federal funding does not come in. The City and County of Honolulu hopes that the federal goverment will provide $1.55 billion towards the project, but the federal government has not made an actual committment to release these funds. Hamayasu told the members of the City Council Budget Committee that it would cost the city $10 million a month to delay the rail project.
Several of the City Council members suggested that the city should delay construction on the $5.27 billion project until federal funding if formally granted. City Councilman Ikaika Anderson stated, “I’m hearing from people across Oahu who are concerned that the city is going to be building columns for this fixed guideway that we’re only going to have to turn around and tear down, and that greatly concerns people. It greatly concerns me.” The city is hopeful that the Federal Transit Administration will be able to make that committment by October 2012.
Source: Honolulu Star Advertiser, 3-16-2012, www.staradvertiser.com
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Economists Predict Slight Improvement in Construction Industry for 2012
The University of Hawaii Research Organization is predicting a slight improvement in Hawaii’s construction industry for 2012. A report that was released by UHERO stated, “Construction has yet to turn the corner in Hawaii, but a pickup is now more clearly in sight. We are more confident that a movement upward is now imminent and we believe this forecast is more likely to understate than overstate activity over the next few years.”
The report added, “A flurry of announcements of high-rise condo plans on Oahu, resort-related construction — and yes, rail and other large-scale public projects — will begin to raise the level of activity in the sector this year. And that will build going into 2013. An abrupt halt to rail plans could of course derail some of this growth, although significant private building would still stir the industry.” The report also notes that the majority of the expected improvements are going to be on the island of Oahu. “It will take some time for building conditions to improve outside of Honolulu,” the report concluded.
Source: Honolulu Star Advertiser, 3-16-2012, www.staradvertiser.com
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Thursday, March 15, 2012
Hawaii Consumers Reduce Credit Card Debt in February 2012
Credit-Karma.com reports that Hawaii consumers reduced their credit card debt by almost 5 percent as compared to a year prior. The average Hawaii consumer had $7,457 in credit card debt as compared to $7,849 in February 2011. The national average credit card debt was $6,105. Credit-Karma.com also noted that the average credit scores in Hawaii also increased slightly to 673 from 672 a year prior.
Source: Honolulu Star Advertiser, 3-15-2012, www.staradvertiser.com
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Hawaii Foreclosure – Filings Down 50 Percent in February 2012
According to a report released by RealtyTrac, foreclosure filings in the state of Hawaii decreased by 50 percent in February 2012 as compared to the February of the previous year. Honolulu County had approximately 1 foreclosure per 1,861 households. Hawaii County (Big Island of Hawaii) had the highest rate with 1 per 484 households. Maui County had 1 filing per 838 households and Kauai County had 1 per 784 households.
Source: Honolulu Star Advertiser, 3-15-2012, www.staradvertiser.com
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Construction Jobs Continue to Decrease in 2011
According to the Associated General Contractors of America, Hawaii lost approximately 3 percent of its construction jobs in 2011. President of the Hawaii Chapter of the AGCA, John Romanowski, stated, “What makes these job losses even more frustrating is the fact that many of them could have been avoided. Thousands more construction workers would be employed today if Congress wasn’t years late in passing the highway and transit bill.” The Associated General Contractors of America is asking the United States Congress to pass more transporation-related funding projects.
According to John Romanowski, approximately 600 construction jobs were lost between January 2011 and January 2012. Romanowski noted that since 2008, Hawaii has lost approximately 6,300 construction jobs, which equals about 25 percent of its total.
State of Hawaii Department of Transportation spokesman, Dan Meisenzahl, noted that 80 percent of large-scale transportation projects in Hawaii are paid for by federal funds. Meisenzahl stated, “Federal dollars are critical to Hawaii. We’re a small state, but we have so many challenges as far as our roadways. The federal money is our lifeline.”
Source: Honolulu Star Advertiser, 3-15-2012, www.staradvertiser.com
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Wednesday, March 14, 2012
Honolulu Rail Project – Cayetano Shares Emails from Federal Transit Administration About Rail Project
Former Governor of Hawaii, Ben Cayetano, is running for Mayor of Honolulu under an anti-rail project platform. Last month, the City and County of Honolulu was required to release approximately 500,000 documents, letters and emails dating back from 2006 to a group of rail opponents who were suing the city in federal court in an effort to stop the rail project. Yesterday, Cayetano released several of these documents including internal email messages from Federal Transit Administrion where members of the FTA questioned if the rail project complied with federal environmental law or if advancements were done property. Governor Cayetano stated that now that these emails from Federal Transit Administration staff members have been made public, it “Will only increase the public’s disgust and disappointment with how the city has managed the rail project.”
The Federal Transit Authority released a response which stated, “There is no question that this project has overcome early obstacles because of a much improved federal partnership with the City of Honolulu and State of Hawaii over the last several years. The Federal Transit Administration believes that this project will bring much needed relief from the suffocating congestion on H-1 and provide a real transportation alternative for the people of Oahu when gas prices rise.”
Ben Cayetano concluded, “I think the only reason this thing is still alive and has not been rejected by the FTA is because of a very, very powerful senator (Daniel Inouye) who chairs the Appropriations Committee.”
Source: Honolulu Star Advertiser, 3-14-2012, www.staradvertiser.com
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Japan Airlines Starts Chartered Flights to Kona
Japan Airlines has planned a total of three chartered flights to Kona International Airport on the Big Island of Hawaii for the month of March. This move is being watched very closely by tourism experts and government officials in hopes that JAL will consider reestablishing a daily nonstop service to Kona. Japan Airlines had canceled their daily route to Kona in October 2010 due to a lack of interest.
President and CEO of the Hawaii Tourism Authority, Mike McCartney, stated that the flights will, “help to open up Kona as a strategic second international port of entry, expanding our accessibility for other markets. We have been working with other airline carriers in hopes of establishing direct international flights and these charter flights are a step in that direction.” The Hawaii Tourism Authority predicts that these three chartered flights will provide an additional $1.02 million to the state’s economy.
Source: Honolulu Star Advertiser, 3-14-2012, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, Realtor
Global Executive Realty, LLC
www.myhawaiihomesearch.com
www.myhawaiicondo.com
www.myhawaiidreamhome.com
Tuesday, March 13, 2012
Hawaii Unemployment – Rates Drops to 6.5 Percent in January 2012
According to a report released by the state of Hawaii’s Department of Labor and Indsutrial Relations, Hawaii’s unemployment dropped to 6.5 percent in January 2012. The report noted that this was the lowest level that unemployment has been in the state since February 2009, when unemployment was 6.4 percent. The national unemployment rate for January 2012 was 8.3 percent.
Honolulu County had the lowest unemployment rate of the state at 5.7 percent. Hawaii (Big Island) County had the highest unemployment rate at 9.4 percent. Kauai County had a 8.3 percent unemployment rate, and Maui Count had a 7.1 percent unemployment rate. The University of Hawaii Economic Research Organization has predicted that unemployment will average 6.2 percent in 2012 and will further be reduced to 5.5 percent in 2013.
Source: Honolulu Star Advertiser, 3-13-2012, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, Realtor
Global Executive Realty, LLC
www.myhawaiihomesearch.com
www.myhawaiicondo.com
www.myhawaiidreamhome.com
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