If you're browsing Maui homes for sale as you contemplate a move to the island, you've probably put some thought into what you'll do for income. Although there are factors that make the cost of living in Hawaii higher than some other states, many residents and prospective residents have been glad to hear that Hawaii's unemployment rate has fallen to an all-time low.
According to the latest report from the state Department of Labor & Industrial Relations, Hawaii's unemployment fell to just 2 percent in November, which is 0.2 percentage points down from the month before. That's a new record based on a methodology for calculating unemployment that dates back to 1976.
If we compare November's data with the same month in 2016, it's a 0.9 percent drop in unemployment. These may seem like small increments, but they translate to thousands of jobs, which makes all the difference for residents and their families. Speaking of which, there were 670,300 people employed and 14,000 unemployed throughout the state in November. The seasonally adjusted labor force was 684,350.
Hawaii's 2 percent unemployment rate is a contrast to the nation's rate of 4.1 percent, which was the same as it was in October. This could easily factor into the choices made by those who are thinking about buying real estate in Hawaii, especially if they have experience in one of the industries that thrives here in the islands.
Whatever your plans and considerations may be, we're happy to assist you with your Maui real estate search or purchase if you need our expertise. You'll find our contact information at the bottom of the page if you need us. Mahalo, and we wish you an incredible new year!
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