Hawaii hotels see occupancy, rate gains during Thanksgiving week
Hawaii hotels were 75 percent full last week, a 4.1 percentage point
increase from the same week in 2011, according to a report from Hospitality Advisors LLC and Smith Travel Research.
Average daily room rates during the Thanksgiving week of Nov. 18 to
Nov. 24 were $209.79, an increase of 5.3 percent from the same week last
year.
All of the state’s major islands had an increase in occupancy, and
all but the Big Island had an increase in average daily room rates when
compared to the same week in 2011. The Big Island did, however, lead all islands in occupancy increases,
up 12.1 percentage points to 62.9 percent, but still the lowest
occupancy of all islands. Average daily room rates at Big Island hotels
decreased by about 1 percent to $206.55.
Oahu was the only island to have average daily room rates below $200
per night. At $190.29, the average daily room rates were a 9.4 percent
increase from the same week in 2011. Occupancy increased by only 1.6
percentage points — the lowest increase of all islands — to 79.3
percent.
Kauai hotel occupancy increased by 8.7 percentage points to 65.1
percent, and average daily room rates increased by 4 percent to a rate
of $212.
Maui hotel occupancy increased 2.7 percentage points to 76.7 percent,
and average daily room rates increased by 1.1 percent to $252.94, the
highest rate of all the major islands.
Friday, November 30, 2012
Tuesday, November 20, 2012
State Forecasts Strong Economic Growth
State Forecasts Strong Economic Growth | Maui Now
In its fourth quarter 2012 economic report, the Department of Business, Economic Development and Tourism (DBEDT) projected higher growth of visitor-related indicators and more optimistic growth of most other economic indicators in 2012.
DBEDT expects positive economic growth in Hawaii for the rest of 2012 and expects to see continued positive growth in 2013.
“We remain cautiously optimistic with regard to the state’s immediate economic future,” said Richard C. Lim, the director of DBEDT, in a written statement.
“Despite political uncertainties often inherent in election cycles and recent natural disasters, the visitor industry is projected to remain strong.”
Overall economic conditions were mostly positive across counties in the second quarter of 2012. The unemployment rate decreased in all neighbor island counties, and increased only slightly in Honolulu. The unemployment rate in Maui County decreased 1.1 percentage points from 7.9% to 6.8%.
DBEDT expects total visitor arrivals to increase 9.4% in 2012, 0.8 of a percentage point higher than the previous forecast. The forecast for the growth of visitor days in 2012 remain unchanged compared with the previous forecast.
Total visitor arrivals by air and visitor days increased in all counties. In the second quarter of 2012, visitor arrivals by air increased 14.2% in Honolulu, 8.0% in Hawaii County, 6.5% in Maui, and 6.6% in Kauai.
Following a higher-than-expected growth in visitor arrivals in the first three quarters of 2012, DBEDT projects that overall visitor arrivals will increase by 9.4% for 2012, 0.8 of a percentage point higher than its previous forecast. Total visitor spending is now projected to increase 18.8% in 2012, 3.6 percentage points above the previous forecast.
Total non-agricultural wage and salary jobs also increased in all counties. Maui County saw a net gain of 2,250 jobs or 3.4% increase in the second quarter of 2012 from the same quarter of 2011.
Lim also noted that construction jobs increased 1.4% during the third quarter of 2012 after 17 consecutive quarters of decline.
“The construction industry has turned a corner and we hope to see greater growth in that sector next year,” Lim said.
In the second quarter of 2012, the growth rates of the values of total private building permits were positive for all counties with second quarter building permits data. In this quarter, private building permits increased $131.9 million or 42.1% in Honolulu; increased $29.5 million or 76.0% in Maui; increased $2.6 million or 15.8% in Kauai.
State Capital Improvement Project spending increased 32.9% during the first nine months of the year, and the private building permit value increased 39.1% during the same time period. The value of private building permits increased in Honolulu, Maui, and Kauai.
For the local economy, DBEDT increased the forecasted growth rates of most of the economic indicators such as real personal income, GDP, and jobs compared with its forecast in August 2012.
For other major economic indicators, the current forecasts are mostly more optimistic compared with the previous forecasts. DBEDT expects the Honolulu Consumer Price Index (CPI), a proxy for inflation, to rise 2.5% in 2012,0.3 of a percentage point below the previous forecast.
The DBEDT Quarterly Statistical and Economic Report contains more than 100 tables of the most recent quarterly data on Hawaii’s economy as well as narrative explanations of the trends in these data. The full report is available at:
http://www.hawaii.gov/dbedt/info/economic/data_reports/qser.
In its fourth quarter 2012 economic report, the Department of Business, Economic Development and Tourism (DBEDT) projected higher growth of visitor-related indicators and more optimistic growth of most other economic indicators in 2012.
DBEDT expects positive economic growth in Hawaii for the rest of 2012 and expects to see continued positive growth in 2013.
“We remain cautiously optimistic with regard to the state’s immediate economic future,” said Richard C. Lim, the director of DBEDT, in a written statement.
“Despite political uncertainties often inherent in election cycles and recent natural disasters, the visitor industry is projected to remain strong.”
Overall economic conditions were mostly positive across counties in the second quarter of 2012. The unemployment rate decreased in all neighbor island counties, and increased only slightly in Honolulu. The unemployment rate in Maui County decreased 1.1 percentage points from 7.9% to 6.8%.
DBEDT expects total visitor arrivals to increase 9.4% in 2012, 0.8 of a percentage point higher than the previous forecast. The forecast for the growth of visitor days in 2012 remain unchanged compared with the previous forecast.
Total visitor arrivals by air and visitor days increased in all counties. In the second quarter of 2012, visitor arrivals by air increased 14.2% in Honolulu, 8.0% in Hawaii County, 6.5% in Maui, and 6.6% in Kauai.
Following a higher-than-expected growth in visitor arrivals in the first three quarters of 2012, DBEDT projects that overall visitor arrivals will increase by 9.4% for 2012, 0.8 of a percentage point higher than its previous forecast. Total visitor spending is now projected to increase 18.8% in 2012, 3.6 percentage points above the previous forecast.
Total non-agricultural wage and salary jobs also increased in all counties. Maui County saw a net gain of 2,250 jobs or 3.4% increase in the second quarter of 2012 from the same quarter of 2011.
Lim also noted that construction jobs increased 1.4% during the third quarter of 2012 after 17 consecutive quarters of decline.
“The construction industry has turned a corner and we hope to see greater growth in that sector next year,” Lim said.
In the second quarter of 2012, the growth rates of the values of total private building permits were positive for all counties with second quarter building permits data. In this quarter, private building permits increased $131.9 million or 42.1% in Honolulu; increased $29.5 million or 76.0% in Maui; increased $2.6 million or 15.8% in Kauai.
State Capital Improvement Project spending increased 32.9% during the first nine months of the year, and the private building permit value increased 39.1% during the same time period. The value of private building permits increased in Honolulu, Maui, and Kauai.
For the local economy, DBEDT increased the forecasted growth rates of most of the economic indicators such as real personal income, GDP, and jobs compared with its forecast in August 2012.
For other major economic indicators, the current forecasts are mostly more optimistic compared with the previous forecasts. DBEDT expects the Honolulu Consumer Price Index (CPI), a proxy for inflation, to rise 2.5% in 2012,0.3 of a percentage point below the previous forecast.
The DBEDT Quarterly Statistical and Economic Report contains more than 100 tables of the most recent quarterly data on Hawaii’s economy as well as narrative explanations of the trends in these data. The full report is available at:
http://www.hawaii.gov/dbedt/info/economic/data_reports/qser.
Thursday, November 15, 2012
October 2012 Sales Statistics - Source: Realtors Association of Maui
Window of opportunity may be closing for first-time
homebuyers. Well priced properties are attracting multiple offers making
for a quick sale. Inventories have declined 17-20% over the past 12
months in Residential and Condo classes.
https://www.facebook.com/notes/maui-real-estate-808/october-2012-sales-statistics-source-realtors-association-of-maui/444226542300549
https://www.facebook.com/notes/maui-real-estate-808/october-2012-sales-statistics-source-realtors-association-of-maui/444226542300549
Wednesday, November 14, 2012
Warren Buffett Just Made A Huge Bet On The US Housing Market
Warren Buffett Just Made A Huge Bet On The US Housing Market
Perhaps the most bullish indicator for U.S. housing is Warren Buffett.
The legendary investor has been buying up real-estate brokerages around the country as he bets on a housing turnaround. Now, he is partnering with Brookfield Asset Management, a Canadian real-estate investor, to more than double the size of his brokerage business.
Perhaps the most bullish indicator for U.S. housing is Warren Buffett.
The legendary investor has been buying up real-estate brokerages around the country as he bets on a housing turnaround. Now, he is partnering with Brookfield Asset Management, a Canadian real-estate investor, to more than double the size of his brokerage business.
Wednesday, November 7, 2012
Maui Home Sales Reach 5-Year High, Prices Rise
Maui Home Sales Reach 5-Year High, Prices Rise | Maui Now
October 2012 residential home sales rose to a 5-year high of 98 homes sold, a 33% increase over one year ago, according to new statistics released by the Realtors Association of Maui.
October 2012 residential home sales rose to a 5-year high of 98 homes sold, a 33% increase over one year ago, according to new statistics released by the Realtors Association of Maui.
Thursday, November 1, 2012
Bank Economist Forecasts Bright Future for Maui
Bank Economist Forecasts Bright Future for Maui | Maui Now
“Hawaii’s tourism industry continues its robust recovery and now, at last, there are other economic bright spots as well,” said economist Dr. Leroy Laney yesterday at the First Hawaiian Bank Business Outlook Forum at Blaisdell Concert Hall.
Laney also points out in the latest release of First Hawaiian Bank’s “Economic Forecast 2012-2013″ that “Maui is doing considerably better economically than the other neighbor islands.” The Economic Forecast is a periodic publication detailing the bank’s economic forecast for all the Hawaii counties by Dr. Laney.
“[This comes] thanks to stronger job creation, a continued robust visitor industry and growing strength in construction,” continues Laney.
Laney’s Maui County forecast includes:
“Hawaii’s tourism industry continues its robust recovery and now, at last, there are other economic bright spots as well,” said economist Dr. Leroy Laney yesterday at the First Hawaiian Bank Business Outlook Forum at Blaisdell Concert Hall.
Laney also points out in the latest release of First Hawaiian Bank’s “Economic Forecast 2012-2013″ that “Maui is doing considerably better economically than the other neighbor islands.” The Economic Forecast is a periodic publication detailing the bank’s economic forecast for all the Hawaii counties by Dr. Laney.
“[This comes] thanks to stronger job creation, a continued robust visitor industry and growing strength in construction,” continues Laney.
Laney’s Maui County forecast includes:
- Jobs & Construction: The level of jobs is now only 6% below the 2007 peak, due in large part to a sharp uptick in construction job growth, mostly in commercial construction, not residential, and a “striking 350% increase in private construction permits on Maui for the first quarter of 2012 compared to the same quarter of 2011.
- Tourism: “In every measured category — arrivals, visitor days, length of stay, total spending, person per day and person per trip spending — Maui continues to be up from 2011.”
- Real Estate: “Maui real estate sales have picked up as falling prices and lower mortgage rates increase affordability. Inventories have declined almost 20% over the past year for both single-family and condo units.”
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