Visitors pull economy up
It is apparent that the robust traffic in the visitor industry is starting to have a trickle-down effect on the rest of Maui’s economy.
Saturday’s report of a five-year high for condo sales in the month of February was coupled with a 27 percent increase year-over-year in median prices. There were 100 condominiums sold last month compared to 98 last February – median prices climbed to $364,950.
That median price for condos was also up 25 percent from January’s $292,000.
Median prices for single-family homes rose 7 percent from last February to $550,000. All in all, the Realtors Association of Maui reported it was a generally improving market.
It was also revealed that unemployment in Maui County was down to 5.7 percent in January. A year ago the jobless percentage stood at 7 percent.
Those two pieces of good news followed earlier reports that Maui had set a record in January for average daily room rates. Revenue per available room also jumped 7 percent from last year to $228.21
As a county, Maui logged an occupancy rate of around 80 percent for January.
With numbers like these in real estate, joblessness and visitors, our retail and construction sectors should soon follow suit.
The economy is rebounding.
* Editorials reflect the opinion of the publisher.