Research & Economic Analysis

Overall economic conditions were mixed across the counties in the third quarter of 2024 compared to the same quarter of 2023. Honolulu saw an increase in its unemployment rate but also an increase in jobs, visitor arrivals, and the value of private building permits. Hawaii County saw a slight increase in jobs but a higher unemployment rate, lower visitor arrivals, and lower permit values. Kauai County saw a higher unemployment rate and decreases in jobs, visitor arrivals, and permit values (residential only). Maui County saw an increase in visitor arrivals and decreases in its unemployment rate and jobs, reflecting its ongoing recovery from the August 8, 2023 Maui wildfires that occurred during the third quarter of 2023.

In the third quarter of 2024, the unemployment rate in Honolulu increased 0.3 percentage points from 2.7 percent to 3.0 percent; the unemployment rate in Hawaii County increased 0.3 percentage points from 3.0 percent to 3.3 percent; and the unemployment rate in Kauai County increased 0.4 percentage points from 2.4 percent to 2.8 percent. The unemployment rate in Maui County decreased 1.3 percentage points from 5.3 percent to 4.0 percent.

In the third quarter of 2024, Honolulu added 9,400 or 2.1 percent non-agricultural wage and salary jobs compared to the same quarter of 2023. Jobs increased the most in Construction, which added 4,500 jobs or 16.3 percent, followed by Health Care & Social Assistance which added 2,500 jobs or 4.5 percent, and Food Services & Drinking Places, which added 1,500 jobs or 3.2 percent. Jobs decreased the most in Information, which lost 1,000 jobs or 16.1 percent. The Government sector added 1,400 jobs or 1.5 percent in the quarter.

In the third quarter of 2024, Hawaii County added 100 jobs or 0.1 percent of non-agricultural wage and salary jobs over the same quarter of 2023. Jobs increased the most in Food Services & Drinking Places, which added 300 jobs or 4.3 percent. This was followed by Manufacturing, which added 200 jobs or 12.5 percent, and Health Care & Social Assistance, which added 200 jobs or 2.6 percent. Jobs decreased in Construction and Financial Activities, which lost 300 jobs each. The number of Government sector jobs increased by 200 or 1.4 percent in the quarter.

Maui County lost 2,100 jobs or a 2.9 percent decrease in the third quarter of 2024 over the same quarter of 2023. Jobs decreased the most in Food Services & Drinking Places, which lost 900 jobs or 10.1 percent, followed by Professional & Business Services, which lost 700 jobs or 10.8 percent. Jobs increased the most in Construction, which added 700 jobs or 15.2 percent. The number of Government sector jobs increased by 100 jobs or 1.1 percent.

Kauai County lost 400 jobs or a 1.3 percent increase in the third quarter of 2024 over the same quarter of 2023. Jobs decreased the most in Construction, which lost 300 jobs or 13.6 percent, followed by Retail Trade and Arts, Entertainment & Recreation, which lost 200 jobs each. Jobs increased the most in Food Services & Drinking Places, which added 200 jobs or 4.7 percent. The number of Government sector jobs was unchanged in the quarter.

In the third quarter of 2024, visitor arrivals by air increased in Honolulu and Maui County but decreased in Hawaii County and Kauai County. Visitor arrivals by air increased 2.5 percent in Honolulu and 19.5 percent in Maui County compared to the third quarter of 2023. Visitor arrivals by air decreased 8.2 percent in Kauai County and 5.9 percent in Hawaii County compared to the third quarter of 2023.

In the third quarter of 2024, the value of private building permits increased in Honolulu but decreased in Hawaii County, Maui County, and Kauai County. In the third quarter of 2024, private building permits increased $152.3 million or 26.0 percent in Honolulu. Private building permits decreased $31.8 million or 16.9 percent in Hawaii County, $106.1 million or 49.1 percent in Maui County, and $18.0 million or 45.2 percent in Kauai County (only residential available) from the same quarter of the previous year.