The Aloha State: Hawaii Has Said Hello and Goodbye to Tourists, Industries, Jobs and Retailers-Causing the Overall Economic and Real Estate Market Conditions to Be a Mixed-Bag of Improvement and Uncertainty

By Hunt, Kristin Gunderson | Journal of Property Management, March-April 2012 | Go to article overview

The Aloha State: Hawaii Has Said Hello and Goodbye to Tourists, Industries, Jobs and Retailers-Causing the Overall Economic and Real Estate Market Conditions to Be a Mixed-Bag of Improvement and Uncertainty


Hunt, Kristin Gunderson, Journal of Property Management


"Our economic condition is still better than most other states on the mainland" said Eugene Tian, acting administrator for the research and economic analysis division of Hawaii's Department of Business, Economic Development and Tourism. "Data is showing a lot of good news: Tourism is improving and unemployment claims have been declining since the beginning of [2011]."

Teeter-Totterinji Toursm

The tourism sector, which Hawaii relies on heavily experienced mixed results during the third quarter of 2011, compared to the same quarter in 2010. The total number of visitors arriving by air to Hawaii decreased 0.9 percent. However, visitors stayed longer, helping to increase visitor spending by 8.3 percent, according to economic development department information.

While Hawaii has seen a decline in domestic visitors since the recession began, international visitors from Canada and Asian countries have increased. However, in the third quarter, the increase in international visitors was not enough to offset the decrease in domestic visitors.

"Hawaii is negatively affected when either the United States or Asian economies are struggling," said Miles Kamimura, CPM, president of Pacific Property Inc. in Honolulu. "We are dependant on both to do well and be successful."

Construction, another industry lifeline to Hawaii's economy, has also taken a hit. In the third quarter of 2011, the permit value for private construction decreased SI4.7 million. However, many construction jobs increased in the third quarter of 2011, compared with the same quarter of 2010.

"Construction is one of the biggest sectors holding us back," said Graham Peake, CPM, principal broker and vice president for Peake and Levoy, LLC, AMO, in Kahului, Hawaii.

Still, Hawaii's unemployment numbers are improving, and other industries are taking hold--helping to diversify the economy, albeit slightly. The private sector alone stimulated job growth in the third quarter, according to fourth quarter data from the economic development department. It added about 9,700 jobs compared to the third quarter of 2010.

Professional and business services experienced the largest job gains, followed by educational services, food services and drinking places, health care and social assistance, and retail trade.

Healthcare in Honolulu

In Honolulu, the unemployment rate has fallen from 6.1 percent to 5.4 percent over the past two years--particularly benefiting from job growth in the healthcare and education fields, according to the Colliers Monroe Friedlander third quarter 2011 Office Briefing Report Both industries added 3,700 new positions combined.

"Were seeing an increase in healthcare and social services jobs because of the aging population in our state: 14.5 percent of our population is age 65 and above," Tian said. "Another industry with increasing jobs is educational services. A lot of foreign students are coming here to study, whether it's at private schools with grades K-12; vocational or technical schools; or private colleges. We are close to Asian countries and students want to come here to study English and get a degree from a private school. Hawaii schools are also pretty competitive in terms of tuition."

Ultimately, though, tourism must continue to improve for Hawaii's commercial real estate market to boon again, real estate experts and economists said. …

The rest of this article is only available to active members of Questia

Sign up now for a free, 1-day trial and receive full access to:

  • Questia's entire collection
  • Automatic bibliography creation
  • More helpful research tools like notes, citations, and highlights
  • Ad-free environment

Already a member? Log in now.

Notes for this article

Add a new note
If you are trying to select text to create highlights or citations, remember that you must now click or tap on the first word, and then click or tap on the last word.
One moment ...
Default project is now your active project.
Project items

Items saved from this article

This article has been saved
Highlights (0)
Some of your highlights are legacy items.

Highlights saved before July 30, 2012 will not be displayed on their respective source pages.

You can easily re-create the highlights by opening the book page or article, selecting the text, and clicking “Highlight.”

Citations (0)
Some of your citations are legacy items.

Any citation created before July 30, 2012 will labeled as a “Cited page.” New citations will be saved as cited passages, pages or articles.

We also added the ability to view new citations from your projects or the book or article where you created them.

Notes (0)
Bookmarks (0)

You have no saved items from this article

Project items include:
  • Saved book/article
  • Highlights
  • Quotes/citations
  • Notes
  • Bookmarks
Notes
Cite this article

Cited article

Style
Citations are available only to our active members.
Sign up now to cite pages or passages in MLA, APA and Chicago citation styles.

(Einhorn, 1992, p. 25)

(Einhorn 25)

1

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Cited article

The Aloha State: Hawaii Has Said Hello and Goodbye to Tourists, Industries, Jobs and Retailers-Causing the Overall Economic and Real Estate Market Conditions to Be a Mixed-Bag of Improvement and Uncertainty
Settings

Settings

Typeface
Text size Smaller Larger Reset View mode
Search within

Search within this article

Look up

Look up a word

  • Dictionary
  • Thesaurus
Please submit a word or phrase above.
Print this page

Print this page

Why can't I print more than one page at a time?

Full screen

matching results for page

Cited passage

Style
Citations are available only to our active members.
Sign up now to cite pages or passages in MLA, APA and Chicago citation styles.

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn, 1992, p. 25).

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences."1

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Cited passage

Welcome to the new Questia Reader

The Questia Reader has been updated to provide you with an even better online reading experience.  It is now 100% Responsive, which means you can read our books and articles on any sized device you wish.  All of your favorite tools like notes, highlights, and citations are still here, but the way you select text has been updated to be easier to use, especially on touchscreen devices.  Here's how:

1. Click or tap the first word you want to select.
2. Click or tap the last word you want to select.

OK, got it!

Thanks for trying Questia!

Please continue trying out our research tools, but please note, full functionality is available only to our active members.

Your work will be lost once you leave this Web page.

For full access in an ad-free environment, sign up now for a FREE, 1-day trial.

Already a member? Log in now.