Hawaii Unemployment Approaching Record Low - Sakamoto Properties

Hawaii Unemployment Approaching Record Low

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October 27, 2017

If you’re considering a Maui real estate purchase and permanent move to the island, employment is likely one of your most important deciding factors. It’s one thing if you’re looking for a second Maui home for vacation use, but quite another to live here in Hawaii full-time. There are many ways to earn a good living in Hawaii, provided you have the right skill set, determination and, if necessary, adaptability. At the end of the day, when it comes to the health of the economy, you can learn a lot from the numbers.

On that note, the recent report from the state Department of Labor and Industrial Relations (DLIR) revealed some incredible news. Hawaii’s seasonally adjusted unemployment rate fell to 2.5 percent in September, down from 3 percent in the same month last year. The figure was also down 0.1 percent from August of this year.

An unemployment rate this low is quite a marvel on its own, but the figure stands out for another reason. According to Linda Chu Takayama, the director of the DLIR, an unemployment rate of 2.5 percent is just a tenth of a percentage point away from Hawaii’s lowest rate in history, which dates back to 1976.

According to Takayama, there were just eight months in 1989 and in 2006 when Hawaii’s unemployment rate was lower, at 2.4 percent. This is not only encouraging for Hawaii’s economy and enticing to investors, but it’s also historically significant.

Just for reference, the seasonally adjusted unemployment rate for the nation was 4.2 percent in September, down from 4.4 percent in August. Yet again, Hawaii’s unemployment rate is lower than the national unemployment rate, but that has become typical. So, if you’re considering your employment prospects as you search for a new Maui home, we hope you’ve found this information inspiring.

In the meantime, if you need assistance with your search for the perfect Maui home, you’ll find our contact information at the bottom of the page. We would be happy to put our many decades of experience to work for you. Mahalo!

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