Hawaii's visitor industry hit new records for the sixth year in a row at the close of 2017. When it comes to investing, slow and steady wins the race, which is why this growth is so promising for those who are planning to open a business or buy real estate on Maui. Considering that tourism is Hawaii's biggest industry, its effects are felt throughout the economy. The benefits filter into many other industries, and the housing market is just one of these.
According to the report from the Hawaii Tourism Authority, new annual records were set in five categories in 2017. These categories were arrivals, spending, generated tax revenue, trans-Pacific air seats serving Hawaii, and jobs supported statewide.
Among the highlights were the 5.2% increase in statewide jobs supported by the tourism industry compared to 2016, the 6.2% increase in visitor spending for a total of $16.78 billion, and the resulting $1.96 billion in state tax revenue, which was a $114.76 million more than in 2016.
Of course, Maui's performance is our primary interest, and the data does not disappoint. The report revealed a 4.1% increase in visitor arrivals in 2017 for a total of 2.7 million. Spending was also up by a healthy 5.2% to $4.76 billion, and visitor days increased by 2.9%. Normally, we like to focus on long-term trends, but December's performance is worth mentioning. Visitor spending rose by no less than 16.1% to $482.8 million, visitor arrivals increased by 8%, visitor days increased by 6.5%, and average daily spending was up 9.1% to $216 per person.
All of this visitor industry growth is especially significant, considering 2017 is the sixth record-breaking year in a row. With such steady growth over these years, analysts predict more of the same. As the visitor industry continues to strengthen, so do many other industries, which boosts demand for Maui real estate.
If you're in the market for a Maui home, we would be happy to assist you in your search for the right property to fit your needs. If we can help, you'll find our contact information at the bottom of the page. Please don't hesitate to reach out to us! Mahalo!
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