Commercial property sales surge
Investors spent about $1.5 billion last year on real estate ranging from retail to hotels
By Andrew Gomes
Article from: Star-Advertiser
Commercial real estate investors returned to Hawaii in a strong way last year, spending more than twice as much money buying property such as hotels and shopping centers compared with the year before, a new report shows.
Investors acquired about $1.5 billion in commercial property statewide last year, up from $630 million in 2009, according to the report by local commercial real estate firm Colliers Monroe Friedlander that tracks sales of more than $1 million.
The rebound occurred after four consecutive years of declines but still represents a relatively nascent recovery compared with transaction volume that varied from $2 billion to $4 billion between 2003 and 2007.
Colliers said last year’s pickup was driven by the availability of more financing and a relatively healthy commercial property market in Hawaii where not much overdevelopment happened during the economic boom years.
Colliers expects the positive trend to continue this year, with close to $2 billion in commercial property sales.
“Optimism seems to be the prevailing investment market attitude heading into 2011,” Colliers said in the report released yesterday. “As the economy gains firmer footing and there is a corresponding rise in business and consumer confidence, commercial real estate investment activity should benefit from both property appreciation and improved tenant demand.”
Last year, purchases were fairly diversified among property types — retail, office, resort, industrial, multifamily apartments and undeveloped land.
The bulk of the sales involved retail property, which accounted for 40 transactions totaling $441 million. This category had the largest single sale, Pearlridge Center, which was bought by a mainland investment partnership for $245 million.
Office property was the second-biggest category, representing 17 transactions for a combined $314 million, including the second-biggest single sale, Bishop Square, which sold for $230 million to a mainland firm.
Ten hotels sold for a combined $262 million. There also were 41 industrial property sales for $197 million, 22 land parcel transactions for $190 million and 27 apartment sales for $79 million.
The total number of sales last year was 157, which was more than the 113 a year earlier but less than 166 in 2008 when transaction value reached only $788 million.
The average sale price last year was $9.4 million, up from $5.6 million the year before.
Colliers said it had anticipated that more distressed property would be among sales last year, but in several cases lenders have been holding onto foreclosed property to wait for more improvement in the market.
Mark Bratton, a Colliers agent, said in the report that lenders foreclosed on six Hawaii hotels, but only two of those are for sale: the Sheraton Keauhou and Kauai Sands. At the same time, investor demand for hotels is high, Bratton said. “We receive a call a day from someone interested in acquiring a 100-room fee-simple beachfront hotel,” he said.
Friday, March 4, 2011
Thursday, March 3, 2011
Airline Has Taken Next Step Forward in Plans to Offer Regular Nonstop Service Between China and Hawaii
Airline maps out China-Hawaii runs
The carrier that flew the first direct charters to the isles hopes to add scheduled flights
By Allison Schaefers
Article from: Star-Advertiser
China Eastern Airlines, the carrier that brought the first direct charter flights from China to Hawaii last month, has taken the next step toward offering regularly scheduled nonstop service between the destinations.
China’s second largest carrier has applied with the administrative body of the People’s Republic of China for permission to operate direct flights between China and Hawaii, Michael Merner, managing director for Hawaii Tourism Asia, told members of the visitor industry yesterday.
The Shanghai-based carrier took the step after successfully partnering with China CYTS Tour Holding Co., one of China’s leading tour operators, to bring about 777 visitors here on three inaugural charter flights during the Chinese New Year holiday, Merner said.
“They sold out these flights in just 14 days,” said David Uchiyama, the Hawaii Tourism Authority’s vice president of brand management. “They would definitely like to come back.”
The carrier would still need to obtain permission from the U.S. Department of Transportation to begin the service. Merner said the airline also plans additional charters this year.
Members of Hawaii’s visitor industry and business community who heard the news at a spring marketing update at the Hawaii Convention Center were pleased. They have been trying to expand Chinese air service since 2007 when the U.S.-China Memorandum of Understanding made leisure travel from China possible.
“There are over 170 cities in China with over 1 million visitors,” said Keith Vieira, senior vice president and director of operations for Starwood Hotels & Resorts in Hawaii and French Polynesia. Vieira said he is looking forward to welcoming President Hu Jintao at the Asia Pacific Economic Cooperation meeting in November. “We are looking at it (China) as a market with huge potential based on sheer volume.”
While there is a lot of interest in Hawaii from Chinese tourists, a lack of direct flights and a difficult visa process have tempered demand.
Arrivals from China would grow if leisure travelers who wanted to visit the islands could fly nonstop, said Benny Wang, director of Xinhua Travel’s international department in Beijing.
Even with these impediments, Merner said that China’s outbound travel to Hawaii grew 57 percent last year to 66,047 arrivals. This year, arrivals are expected to grow another 16 percent, he said.
“Hawaii is outperforming all other major overseas destinations in the China market,” Merner said. “Visas are getting more predictable.”
Direct air service will only make the market stronger, he said.
However, Uchiyama said its hard to determine whether China Eastern’s plan will take off.
“We’ve been here before,” he said.
Hainan Airlines, China’s largest private carrier, was expected to begin direct service between Honolulu and Beijing in 2009, but postponed plans.
The state then began eyeing new prospects.
“We’ve been talking to China Eastern for some time,” Uchiyama said, adding that the carrier’s dominance in the market and its connections with the Chinese government, a majority owner, could help it overcome challenges. State tourism officials have also discussed direct routes with China Southern and have continued to seek a start date from Hainan Airlines, he said.
Joel Chusid, general manager for North America for Hainan Airlines, has said that “visa issues” and “tour operators who were hesitant to guarantee enough business to make the route profitable” were among the chief reasons for the delay.
The success of the charters may help bridge that hurdle, Vieira said.
“China is heavily wholesaler dominated,” he said. “If they have confidence that they can book the business, the airlines will be confident.”
The carrier that flew the first direct charters to the isles hopes to add scheduled flights
By Allison Schaefers
Article from: Star-Advertiser
China Eastern Airlines, the carrier that brought the first direct charter flights from China to Hawaii last month, has taken the next step toward offering regularly scheduled nonstop service between the destinations.
China’s second largest carrier has applied with the administrative body of the People’s Republic of China for permission to operate direct flights between China and Hawaii, Michael Merner, managing director for Hawaii Tourism Asia, told members of the visitor industry yesterday.
The Shanghai-based carrier took the step after successfully partnering with China CYTS Tour Holding Co., one of China’s leading tour operators, to bring about 777 visitors here on three inaugural charter flights during the Chinese New Year holiday, Merner said.
“They sold out these flights in just 14 days,” said David Uchiyama, the Hawaii Tourism Authority’s vice president of brand management. “They would definitely like to come back.”
The carrier would still need to obtain permission from the U.S. Department of Transportation to begin the service. Merner said the airline also plans additional charters this year.
Members of Hawaii’s visitor industry and business community who heard the news at a spring marketing update at the Hawaii Convention Center were pleased. They have been trying to expand Chinese air service since 2007 when the U.S.-China Memorandum of Understanding made leisure travel from China possible.
“There are over 170 cities in China with over 1 million visitors,” said Keith Vieira, senior vice president and director of operations for Starwood Hotels & Resorts in Hawaii and French Polynesia. Vieira said he is looking forward to welcoming President Hu Jintao at the Asia Pacific Economic Cooperation meeting in November. “We are looking at it (China) as a market with huge potential based on sheer volume.”
While there is a lot of interest in Hawaii from Chinese tourists, a lack of direct flights and a difficult visa process have tempered demand.
Arrivals from China would grow if leisure travelers who wanted to visit the islands could fly nonstop, said Benny Wang, director of Xinhua Travel’s international department in Beijing.
Even with these impediments, Merner said that China’s outbound travel to Hawaii grew 57 percent last year to 66,047 arrivals. This year, arrivals are expected to grow another 16 percent, he said.
“Hawaii is outperforming all other major overseas destinations in the China market,” Merner said. “Visas are getting more predictable.”
Direct air service will only make the market stronger, he said.
However, Uchiyama said its hard to determine whether China Eastern’s plan will take off.
“We’ve been here before,” he said.
Hainan Airlines, China’s largest private carrier, was expected to begin direct service between Honolulu and Beijing in 2009, but postponed plans.
The state then began eyeing new prospects.
“We’ve been talking to China Eastern for some time,” Uchiyama said, adding that the carrier’s dominance in the market and its connections with the Chinese government, a majority owner, could help it overcome challenges. State tourism officials have also discussed direct routes with China Southern and have continued to seek a start date from Hainan Airlines, he said.
Joel Chusid, general manager for North America for Hainan Airlines, has said that “visa issues” and “tour operators who were hesitant to guarantee enough business to make the route profitable” were among the chief reasons for the delay.
The success of the charters may help bridge that hurdle, Vieira said.
“China is heavily wholesaler dominated,” he said. “If they have confidence that they can book the business, the airlines will be confident.”
Hawaii Hotel Occupancy Continues to Rise
State hotel occupancy continues to rise
Article from: Maui Weekly
Pacific Business News – According to a weekly report by Smith Travel Research and Hospitality Advisors, eight out of 10 hotel rooms in Hawai‘i were occupied during the week ending Saturday, Feb. 12, and most islands’ average room rates were higher than during the same week last year. The weekly report is based on a daily hotel survey of about 100 properties, representing 40,744 rooms, which represent 71.5 percent of the state’s total hotel rooms for properties with 20 units or more.
The average statewide hotel occupancy rate was 81 percent, a 2.7 percent increase from the same week a year ago. O‘ahu recorded the state’s top occupancy rate at 87 percent—4.2 percentage points higher than the same week in 2010. Maui’s occupancy rate of 82.9 percent was 1.7 percentage points higher than last year, and Hawai‘i Island’s 67.9 percent occupancy rate was 3.7 percentage points higher than the same week last year. Kaua‘i’s occupancy rate of 63.5 percent was 4.9 percentage points lower than the same week last year.
Room rates averaged in at $187.12 across the state, which is a 3.9 percent increase compared to the same week a year ago. O‘ahu saw the largest increase with an average room rate of $162.38—7.7 percent higher than the same week a year ago. Maui’s average rate was $236.68—0.7 percent lower than the same week in 2010.
Article from: Maui Weekly
Pacific Business News – According to a weekly report by Smith Travel Research and Hospitality Advisors, eight out of 10 hotel rooms in Hawai‘i were occupied during the week ending Saturday, Feb. 12, and most islands’ average room rates were higher than during the same week last year. The weekly report is based on a daily hotel survey of about 100 properties, representing 40,744 rooms, which represent 71.5 percent of the state’s total hotel rooms for properties with 20 units or more.
The average statewide hotel occupancy rate was 81 percent, a 2.7 percent increase from the same week a year ago. O‘ahu recorded the state’s top occupancy rate at 87 percent—4.2 percentage points higher than the same week in 2010. Maui’s occupancy rate of 82.9 percent was 1.7 percentage points higher than last year, and Hawai‘i Island’s 67.9 percent occupancy rate was 3.7 percentage points higher than the same week last year. Kaua‘i’s occupancy rate of 63.5 percent was 4.9 percentage points lower than the same week last year.
Room rates averaged in at $187.12 across the state, which is a 3.9 percent increase compared to the same week a year ago. O‘ahu saw the largest increase with an average room rate of $162.38—7.7 percent higher than the same week a year ago. Maui’s average rate was $236.68—0.7 percent lower than the same week in 2010.
Wednesday, March 2, 2011
March 2011 eNews Update & Market Report
March 2011 eNews
Compliments of Anne Diola at Old Republic Title & Escrow
THE BUZZ
The word for spring may be “Buy Now.” Favorable housing affordability conditions are having a positive effect on the real estate market. Statistics released last month show that existing-home sales increased 2.7% from December to January of this year. Even more impressive is the fact that real estate sales activity rose 5.3% from January 2010 levels. A recent NAR survey for January 2011 gives more insight into the market:
29% of purchases were made by first-time home buyers
23% were made by investors
48% were made by repeat buyers
Cash sales rose to 32% of all transactions
The Western region of the U.S. led real estate gains:
In the West, sales rose 7.9%
In the South, sales rose 3.6%
In the Midwest, sales rose 1.8%
In the Northeast, sales fell 4.6%
Historically, real estate enjoys a positive spurt in the spring. One thing buyers face now are more stringent lending standards. Lawrence Yun, Chief Economist for the National Association of Realtors, said, “There are abnormally high levels of all-cash purchases due to unnecessarily tight credit.” It is important to get pre-qualified to take advantage of the deals available. There may never be a better time to buy.
JUST ASK
Q: What is this trend of “man-caves” and “mom-caves”?
A: Most men have a designated space at home for their manly pursuits. They claim that space as their “man-cave.” It could be a workshop in the garage, a basement game room, or a book-filled den. Women are starting to follow suit by staking out a space of their own. Elaine Griffin, a designer with Home Goods, calls it a “functional, restorative place where the mom nurtures herself.”
This space could be an extra bedroom used for scrapbooking, sewing, blogging, or reading. Kim Mules, an HGTV designer, says it can also be as simple as a corner in a room designated as a woman’s personal area, furnished with a comfortable chair, a side table and a reading lamp.
When I show potential buyers a home, they are trying to envision how they would live there. Finding extra spaces for the “man and the mom” makes a home more desirable.
MY TOWN
On March 17th, thousands of people flock to church, a local pub or the family dining room to celebrate St. Patrick’s Day. The origins of St. Patrick’s Day hail back to the 4th century when a 16-year-old man named Patrick from a wealthy British family was kidnapped by Irish pirates and taken to Ireland as a slave. He escaped, claiming later in confession that he was told in a vision by God to flee captivity to the coast where he’d find a boat to take him back to Britain. After returning to England he began his pursuit to become a priest.
In 432, Patrick returned to Ireland as a bishop to share Christianity with the Irish people who were mostly polytheistic at the time. According to Irish legend, he used the three-leaf shamrock to explain the Christian doctrine of the Trinity. He spent the balance of his adulthood alongside chieftains and tribes in Ireland until his death in 461. By the ninth and tenth centuries, St. Patrick’s Feast Day was being celebrated by the Irish throughout Europe on the anniversary of his death and was later put on the Catholic liturgical calendar. St. Paddy’s Day celebrations have included festivities and parades in the United States since 1737.
FYI
DIY is short for “do-it-yourself” – a term used to identify projects done without the help of a professional. If you’re a DIYer, painting (especially interiors) is something you can tackle without a professional’s help. But to start, you’ll need a good knowledge of the products out there.
Water-based latex paints are by far the most popular on the market. They’re less likely than oil-based paints to yellow or fade, they dry much quicker, clean up with soap and water and are low in VOCs (volatile organic compounds – the bad stuff that’s in paint fumes). Manufacturers are now making eco-friendly latex paints with zero VOCs – better for you, better for the environment.
Alkyd or oil-based paints are still revered by purists for their superior finish in a glossy sheen. These paints aren’t as prone to flake or peel and are more durable than latex. They may be preferable for areas that receive a lot of wear and tear, such as the exterior and floors of your home. But their fumes are noxious, requiring the use of a breathing mask when applying in closed-in areas, and you need a solvent, such as turpentine, to clean the paint from brushes and pails. Furthermore, environmental regulations are making them harder to purchase in many states. Paint manufacturers are reformulating them to keep in step with new laws, which can compromise the qualities that customers most appreciate about oil-based paints, or phasing them out altogether.
Next month we’ll cover the different kinds of paint sheens and their uses.
Contact Info:
Anne Diola
Real Estate Marketing Specialist
Old Republic Title & Escrow of Hawaii
33 Lono Ave, Ste 195
Kahului, HI 96732
W: (808) 281-8430
M: (808) 281-8430
adiola@ortc.com
Compliments of Anne Diola at Old Republic Title & Escrow
THE BUZZ
The word for spring may be “Buy Now.” Favorable housing affordability conditions are having a positive effect on the real estate market. Statistics released last month show that existing-home sales increased 2.7% from December to January of this year. Even more impressive is the fact that real estate sales activity rose 5.3% from January 2010 levels. A recent NAR survey for January 2011 gives more insight into the market:
29% of purchases were made by first-time home buyers
23% were made by investors
48% were made by repeat buyers
Cash sales rose to 32% of all transactions
The Western region of the U.S. led real estate gains:
In the West, sales rose 7.9%
In the South, sales rose 3.6%
In the Midwest, sales rose 1.8%
In the Northeast, sales fell 4.6%
Historically, real estate enjoys a positive spurt in the spring. One thing buyers face now are more stringent lending standards. Lawrence Yun, Chief Economist for the National Association of Realtors, said, “There are abnormally high levels of all-cash purchases due to unnecessarily tight credit.” It is important to get pre-qualified to take advantage of the deals available. There may never be a better time to buy.
JUST ASK
Q: What is this trend of “man-caves” and “mom-caves”?
A: Most men have a designated space at home for their manly pursuits. They claim that space as their “man-cave.” It could be a workshop in the garage, a basement game room, or a book-filled den. Women are starting to follow suit by staking out a space of their own. Elaine Griffin, a designer with Home Goods, calls it a “functional, restorative place where the mom nurtures herself.”
This space could be an extra bedroom used for scrapbooking, sewing, blogging, or reading. Kim Mules, an HGTV designer, says it can also be as simple as a corner in a room designated as a woman’s personal area, furnished with a comfortable chair, a side table and a reading lamp.
When I show potential buyers a home, they are trying to envision how they would live there. Finding extra spaces for the “man and the mom” makes a home more desirable.
MY TOWN
On March 17th, thousands of people flock to church, a local pub or the family dining room to celebrate St. Patrick’s Day. The origins of St. Patrick’s Day hail back to the 4th century when a 16-year-old man named Patrick from a wealthy British family was kidnapped by Irish pirates and taken to Ireland as a slave. He escaped, claiming later in confession that he was told in a vision by God to flee captivity to the coast where he’d find a boat to take him back to Britain. After returning to England he began his pursuit to become a priest.
In 432, Patrick returned to Ireland as a bishop to share Christianity with the Irish people who were mostly polytheistic at the time. According to Irish legend, he used the three-leaf shamrock to explain the Christian doctrine of the Trinity. He spent the balance of his adulthood alongside chieftains and tribes in Ireland until his death in 461. By the ninth and tenth centuries, St. Patrick’s Feast Day was being celebrated by the Irish throughout Europe on the anniversary of his death and was later put on the Catholic liturgical calendar. St. Paddy’s Day celebrations have included festivities and parades in the United States since 1737.
FYI
DIY is short for “do-it-yourself” – a term used to identify projects done without the help of a professional. If you’re a DIYer, painting (especially interiors) is something you can tackle without a professional’s help. But to start, you’ll need a good knowledge of the products out there.
Water-based latex paints are by far the most popular on the market. They’re less likely than oil-based paints to yellow or fade, they dry much quicker, clean up with soap and water and are low in VOCs (volatile organic compounds – the bad stuff that’s in paint fumes). Manufacturers are now making eco-friendly latex paints with zero VOCs – better for you, better for the environment.
Alkyd or oil-based paints are still revered by purists for their superior finish in a glossy sheen. These paints aren’t as prone to flake or peel and are more durable than latex. They may be preferable for areas that receive a lot of wear and tear, such as the exterior and floors of your home. But their fumes are noxious, requiring the use of a breathing mask when applying in closed-in areas, and you need a solvent, such as turpentine, to clean the paint from brushes and pails. Furthermore, environmental regulations are making them harder to purchase in many states. Paint manufacturers are reformulating them to keep in step with new laws, which can compromise the qualities that customers most appreciate about oil-based paints, or phasing them out altogether.
Next month we’ll cover the different kinds of paint sheens and their uses.
Contact Info:
Anne Diola
Real Estate Marketing Specialist
Old Republic Title & Escrow of Hawaii
33 Lono Ave, Ste 195
Kahului, HI 96732
W: (808) 281-8430
M: (808) 281-8430
adiola@ortc.com
Tuesday, March 1, 2011
Volunteers and Researchers on Maui Tallied 1,607 Humpback Whale Sightings on Saturday
1,607 whales sighted
Article from: The Maui News
MAALAEA – Volunteers and researchers on Maui tallied 1,607 sightings of humpback whales Saturday, a 33 percent increase from last year, the Pacific Whale Foundation reported.
Last year’s total was 1,208 humpbacks. There were 12 counting stations in the Great Maui Whale Count.
Greg Kaufman, founder and president of PWF, which organized the count, said the sighting conditions were “fantastic,” with calm seas and light winds.
“Because we have conducted the count systematically at the same time each year, it provides a valuable look at Hawaii’s winter whale population. In general, we are seeing evidence of a growing number of whale sightings in recent years,” Kaufman said in a news release.
He said the increase in sightings correlates to research that shows the humpback whale population in the North Pacific increasing at a rate of 7 percent or 8 percent each year.
An estimated 20,000 humpback whales live in the North Pacific, and about 60 percent of that population is believed to come to Hawaii each year to mate, give birth and care for their young, a release said.
The counting stations were positioned along Maui’s south and western shores, in an area extending from Makena to Kapalua. There also was a station at Hookipa Beach Park on Maui’s north shore.
Last year’s count took place a week later than usual because of a tsunami warning on the originally scheduled day. In 2009, 1,010 whale sightings were recorded. In 2008, 1,726 were tallied on a day with ideal conditions such as Saturday’s.
Of Saturday’s sightings, 154 were calves, compared to 149 sighted last year.
Puu Olai in Makena recorded the most whale sightings with 311 during the counting window, which was open from 8:30 to 11:55 a.m.
The count was conducted by 100 volunteers who worked alongside Pacific Whale Foundation researchers and staff and was done along lookout posts from the shorelines.
The count is part of the Maui Whale Festival, a series of whale-related events taking place from November through mid-May.
Article from: The Maui News
MAALAEA – Volunteers and researchers on Maui tallied 1,607 sightings of humpback whales Saturday, a 33 percent increase from last year, the Pacific Whale Foundation reported.
Last year’s total was 1,208 humpbacks. There were 12 counting stations in the Great Maui Whale Count.
Greg Kaufman, founder and president of PWF, which organized the count, said the sighting conditions were “fantastic,” with calm seas and light winds.
“Because we have conducted the count systematically at the same time each year, it provides a valuable look at Hawaii’s winter whale population. In general, we are seeing evidence of a growing number of whale sightings in recent years,” Kaufman said in a news release.
He said the increase in sightings correlates to research that shows the humpback whale population in the North Pacific increasing at a rate of 7 percent or 8 percent each year.
An estimated 20,000 humpback whales live in the North Pacific, and about 60 percent of that population is believed to come to Hawaii each year to mate, give birth and care for their young, a release said.
The counting stations were positioned along Maui’s south and western shores, in an area extending from Makena to Kapalua. There also was a station at Hookipa Beach Park on Maui’s north shore.
Last year’s count took place a week later than usual because of a tsunami warning on the originally scheduled day. In 2009, 1,010 whale sightings were recorded. In 2008, 1,726 were tallied on a day with ideal conditions such as Saturday’s.
Of Saturday’s sightings, 154 were calves, compared to 149 sighted last year.
Puu Olai in Makena recorded the most whale sightings with 311 during the counting window, which was open from 8:30 to 11:55 a.m.
The count was conducted by 100 volunteers who worked alongside Pacific Whale Foundation researchers and staff and was done along lookout posts from the shorelines.
The count is part of the Maui Whale Festival, a series of whale-related events taking place from November through mid-May.
Saturday, February 26, 2011
Hawaii’s Unemployment Rate Dipped to 6.6% in 2010 ~ Seventh Lowest in the Country
Isles’ unemployment rate dipped to 6.6% last year
Hawaii ranks seventh lowest in the country; 6 percent joblessness forecast for this year
By Star-Advertiser staff
Article from: Star-Advertiser
Hawaii’s unemployment rate fell slightly in 2010 to 6.6 percent, the seventh lowest rate in the country.
Last year’s rate was down from 6.8 percent in 2009, but up from 4.1 percent in 2008, the U.S. Bureau of Labor Statistics reported yesterday.
Hawaii’s job market should continue to strengthen this year, knocking the rate down to 6 percent, according to the University of Hawaii Economic Research Organization. The UHERO forecast released earlier this month calls for the rate to drop further to 5.3 percent in 2012 and 3.8 percent in 2013.
Hawaii’s rising unemployment rate from 2007 through 2010 was the result of the recession and a weak recovery that was not robust enough to “generate satisfactory job creation,” UHERO economists wrote in a report.
The economists said they expect the labor market to pick up, in part, because of the jobs that will be generated by the city’s rail project.
“The feeble job gains of the past year do not portend continuing labor market stagnation. Instead, more broadly based improvement will be seen in 2011 and 2012 as the Hawaii recovery strengthens and Oahu rail transit construction gets under way,” they wrote in the report.
The bureau report included revisions to the monthly unemployment data for 2010. Hawaii’s rate was higher in five months and lower in three months than originally reported. It was unrevised in four months.
One of the downward changes was for December, in which the bureau revised the rate to 6.3 percent from the 6.4 percent reported last month.
THE LOWDOWN
10 lowest unemployment rates in 2010
1. North Dakota 3.9%
2. Nebraska 4.7%
3. South Dakota 4.8%
4. Iowa 6.1%
5. New Hampshire 6.1%
6. Vermont 6.2%
7. Hawaii 6.6%
8. Virginia 6.9%
9. Kansas 7.0%
10. Wyoming 7.0%
U.S. average 9.6%
Hawaii ranks seventh lowest in the country; 6 percent joblessness forecast for this year
By Star-Advertiser staff
Article from: Star-Advertiser
Hawaii’s unemployment rate fell slightly in 2010 to 6.6 percent, the seventh lowest rate in the country.
Last year’s rate was down from 6.8 percent in 2009, but up from 4.1 percent in 2008, the U.S. Bureau of Labor Statistics reported yesterday.
Hawaii’s job market should continue to strengthen this year, knocking the rate down to 6 percent, according to the University of Hawaii Economic Research Organization. The UHERO forecast released earlier this month calls for the rate to drop further to 5.3 percent in 2012 and 3.8 percent in 2013.
Hawaii’s rising unemployment rate from 2007 through 2010 was the result of the recession and a weak recovery that was not robust enough to “generate satisfactory job creation,” UHERO economists wrote in a report.
The economists said they expect the labor market to pick up, in part, because of the jobs that will be generated by the city’s rail project.
“The feeble job gains of the past year do not portend continuing labor market stagnation. Instead, more broadly based improvement will be seen in 2011 and 2012 as the Hawaii recovery strengthens and Oahu rail transit construction gets under way,” they wrote in the report.
The bureau report included revisions to the monthly unemployment data for 2010. Hawaii’s rate was higher in five months and lower in three months than originally reported. It was unrevised in four months.
One of the downward changes was for December, in which the bureau revised the rate to 6.3 percent from the 6.4 percent reported last month.
THE LOWDOWN
10 lowest unemployment rates in 2010
1. North Dakota 3.9%
2. Nebraska 4.7%
3. South Dakota 4.8%
4. Iowa 6.1%
5. New Hampshire 6.1%
6. Vermont 6.2%
7. Hawaii 6.6%
8. Virginia 6.9%
9. Kansas 7.0%
10. Wyoming 7.0%
U.S. average 9.6%
Friday, February 25, 2011
Hawaii Visitor Spending and Arrivals Increased in January for the 11th Consecutive Month
Visitor arrivals up 12% in January, spending up 20%
By Allison Schaefers
Article from: Star-Advertiser
Hawaii achieved its eleventh consecutive month of increased visitor spending and arrivals in January, according to preliminary statistics released today by the Hawaii Tourism Authority.
A high-single digit increase from the U.S. East and double-digit arrivals growth from the U.S. West, Japan, Canada and cruise ships helped boost visitor arrivals last month to 597,487, up 12.2 percent from a year ago. Likewise, visitor spending rose to $1.2 billion, a 19.8 percent gain from the prior year. January’s gain represented the 9th consecutive month of double-digit increases in overall spending.
The return of the Pro Bowl coupled with a slight pickup in meetings, convention and incentive traffic were behind the industry rebound, said Mike McCartney, HTA’s president and CEO. Stronger airplane passenger loads and increased flights also contributed, McCartney said.
“We look forward to taking advantage of rebounds in this market, as well as continued growth and interest in Hawaii as a global meetings destination as we draw closer to hosting the 2011 APEC Leaders Summit in November,” he said.
By Allison Schaefers
Article from: Star-Advertiser
Hawaii achieved its eleventh consecutive month of increased visitor spending and arrivals in January, according to preliminary statistics released today by the Hawaii Tourism Authority.
A high-single digit increase from the U.S. East and double-digit arrivals growth from the U.S. West, Japan, Canada and cruise ships helped boost visitor arrivals last month to 597,487, up 12.2 percent from a year ago. Likewise, visitor spending rose to $1.2 billion, a 19.8 percent gain from the prior year. January’s gain represented the 9th consecutive month of double-digit increases in overall spending.
The return of the Pro Bowl coupled with a slight pickup in meetings, convention and incentive traffic were behind the industry rebound, said Mike McCartney, HTA’s president and CEO. Stronger airplane passenger loads and increased flights also contributed, McCartney said.
“We look forward to taking advantage of rebounds in this market, as well as continued growth and interest in Hawaii as a global meetings destination as we draw closer to hosting the 2011 APEC Leaders Summit in November,” he said.
Subscribe to:
Posts (Atom)