A June 20,2008 Honolulu Star Bulletin article by Jennifer Sudick Reports:
“Jobless rate hits 3.5%, State unemployment reaches the highest level since March 2004″
Don’t let the typical, hysterical headline throw you off, Hawaii’s jobless rate is still excellent. Especially with the loss of jobs from Aloha Airlines, 3.5% is not that bad. Yes, it is a four-year high, and how often do we have local airlines close.
Most important is the difference between the Hawaii unemployment rate and the National rate. Hawaii is a full 2.0% below the National rate of 5.5%. Add this to the list of reasons why Hawaii is a unique real estate market. Over the last 50 years, one of the best indicators of real estate health has been the jobless (or unemployment) rate. A low jobless rate tracks with a healthy real estate market. Staying 2.0% below the National rate keeps Hawaii near the top of states with low jobless rates. In May, only The Dakotas and Utah beat Hawaii with lower jobless rates. Therefore, we are still number one in states where people actually live.
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