Hawai’i’s economy continues to recover from both the COVID-19 pandemic and the Maui wildfire tragedy. Though Hawai’i has a lower unemployment rate (not seasonally adjusted) at 2.8 percent compared to the U.S. rate of 3.5 percent, labor force and civilian employment dropped in all the counties during the first four months of 2024. Data on visitor arrivals, visitor expenditures, state general excise tax collection, and inflation also indicate that growth will be slower in 2024. However, it is encouraging to see strong growth in construction and continued growth in health care and social assistance jobs. Jobs in both sectors are at record-high levels.

We remain steadfast in our support of the state’s and especially Maui’s economic recovery, recognizing that Maui County residents and businesses continue to experience higher unemployment, declines in the labor force, and job losses. The increase in the value of residential private building permits for Maui County is positive and the opening of the County of Maui Recovery Permit Center at the end of April should streamline the permitting process for those seeking to rebuild. Targeted efforts are also underway to reinvigorate visitor travel to Hawai’i, with an emphasis on supporting Maui. Although recovery will take time, there are signs that our economy will continue to improve and grow.

The full report is available at: dbedt.hawaii.gov/economic/qser/.