The State of Hawaii’s tourism market has been steadily increasing since 2009, but 2012 was one for the record books with the highest number of visitor arrivals and the highest amount of visitor spending ever. While the final totals have yet to be added up, industry experts believe that visitor arrivals would surpass 8 million people, significantly beating the record set in 2006 with 7.6 million. Visitor spending is projected at $15 billion.
Tourism has definitely been the driving force for Hawaii’s economic recovery, and has lead to strong job growth in the hotel industry, retail shops, restaurants, airlines, and other tourism related businesses. However, while Oahu did extremely well with higher hotel occupancy rates and increase room rates, the neighbor islands still struggled to increase their numbers significantly. Unemployment rates are dramatically lower on Oahu as opposed to the neighbor islands.
Oahu’s Real Estate market has also made huge gains from a year prior. In November 2012, single family home values had increased by 9 percent in the first 11 months of the year. The median single family home price was $625,000. Condominium values had also increased by 5 percent in the first 11 months of the year.
Source: Honolulu Star Advertiser, 12-31-2012, 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
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, Realtor®
Global Executive Realty, LLC
www.myhawaiihomesearch.com
www.myhawaiicondo.com
www.myhawaiidreamhome.com
