3rd Quarter 2008

Download Quarterly Economic Indicators (spreadsheet)

     Overall economic conditions were mixed across counties in the second quarter of 2008.  Civilian labor force and employment increased in all counties, except in Maui County; total tax revenues were down in all counties; and wage and salary jobs were up in Honolulu and Kauai, but down in Hawaii and Maui County, compared to the second quarter of 2007 (Tables 2 through 5).  The performance of the visitor sector was negative, both total visitor arrivals and total visitor days decreased substantially in all counties.  Hotel occupancy rates were also down in all counties. Values of private building permits increased in Maui and Kauai counties, but decreased in Honolulu and Hawaii counties.

   In the second quarter of 2008, all neighbor island counties saw significant decreases in General Excise and Use Tax (GET) revenues (excluding the Honolulu County Surcharge); only Honolulu County had a slight increase in GET revenues, compared to the same quarter of 2007.  The Net Individual Income Tax collections decreased in all counties for the second quarter. Maui County had the largest decrease (-36.6 percent), followed by Hawaii County (-30.6 percent), Kauai County (-6.2 percent), and Honolulu (-0.7%).  In Honolulu, increases in GET revenues were more than offset by decreases in Net Individual Income Tax collections and Transient Accommodation Tax collections, and resulted in net decrease in total tax revenues.

   In the second quarter of 2008, Honolulu added 2,100 wage and salary jobs or 0.5 percent increase over the second quarter of 2007. The largest increase occurred in Professional and Business Services (1,250 jobs or 2.1 percent), followed by Natural Resources, Mining, and Construction (850 jobs or 3.3 percent), the State Government (850 jobs or 1.5 percent), Educational Services (700 jobs or 5.7 percent), and Retail Trade (700 jobs or 1.5 percent). The Transportation, Warehousing and Utilities sector was down 2,350 jobs or 9.6 percent; Arts, Entertainment & Recreation lost 750 jobs; and Accommodation lost 500 jobs in the quarter.

   In the second quarter of 2008, Hawaii County lost 50 wage and salary jobs, a 0.1 percent decrease from the second quarter of 2007.  Natural Resources, Mining and Construction lost the most (450 jobs), followed by Accommodation (250 jobs), Transportation, Warehousing and Utilities (150 jobs) and Agriculture (150 jobs).  The State Government added 300 jobs in the quarter, and the Local Government and the Health Care & Social Assistance sector both added 200 jobs.
  
   Maui County saw a net loss of 550 jobs in the second quarter of 2008, a 0.7 percent decrease from the same quarter of 2007.  Accommodation and the Transportation, Warehousing and Utilities sectors lost 600 and 400 jobs, respectively, in the quarter. Professional & Business Services added 250 jobs; and State Government, Retail Trade, and Health Care & Social Assistance each added 150 jobs.
 
   In the second quarter of 2008, Kauai County registered a gain of 650 wage and salary jobs or a 2.1 percent increase from the same quarter last year. Natural Resources, Mining, and Construction and Accommodation both added 300 jobs in the second quarter.

   Both total visitor arrivals and visitor days by air decreased substantially in all counties in the second quarter of 2008, compared to the second quarter of 2007.

   In the second quarter of 2008, Kauai and Maui counties showed 123.0 percent and 21.9 percent positive growth, respectively, in the value of private building permit (Table E-8), compared to the second quarter of 2007. Honolulu and Hawaii counties showed decreases of 2.2 percent and 39.0 percent, respectively, in the total value of private building authorizations in the quarter.