State data reveal bleak February
Advertiser Staff
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The state's latest monthly economic report shows Hawai'i is continuing to struggle, with recent statistics for declines in job counts, tax revenue, visitors and building permits.
The Department of Business, Economic Development and Tourism's monthly economic indicators survey shows a similar downturn when all of the February data is aggregated on a statewide basis.
The number of wage and salary jobs fell 3.1 percent from February 2008, while general fund revenues slid 18.1 percent statewide.
February building permit totals plunged by 46 percent to $137.3 million as residential and commercial construction shrank. Visitor days for the state dove 13.6 percent.
Hawai'i's economic numbers have been mostly negative in recent months as the state and nation go through a deep recession. Locally the downturn has been exacerbated by the failures of Aloha and ATA airlines a year ago, the pulling of two NCL cruise ships from interisland cruises and other cutbacks that have reduced jobs and consumer spending in the state.
The state Labor Department reported last week that Hawai'i's unemployment rate climbed to its highest level in more than three decades in February as 6.5 percent of the state's workforce was idled. The jobless rate was the highest since October 1978, when unemployment hit 6.6 percent.
Yesterday's DBEDT report shows the problems were worse in some of Hawai'i's major counties. This included:
• The City and County of Honolulu experienced a 2.3 percent decline in wage and salary jobs as more than 10,000 positions disappeared between February 2008 and February 2009. Honolulu's general excise and use tax revenues fell 13.7 percent, while private building permits dropped 6.4 percent. Visitor days fell 10.1 percent during the month.
• Hawai'i County's private building permits tumbled by about 71 percent. Job count fell 5.3 percent. The Big Island's general excise and use tax revenue declined 7.2 percent. Visitor days were off 12.4 percent.
• Maui County ran counter to other counties in showing an almost 45 percent jump in private building permits. The rest of the news was similar to other counties in pointing to downturns in jobs (off 5.2 percent), general excise tax (down 6.6 percent) and visitor days (down by one fifth).
• For Kaua'i, numbers showed across-the board declines. Jobs fell by 5.8 percent and general excise tax revenue was own by 0.5 percent. Private residential building permits fell to one tenth of what they were a year earlier. Visitor days were off 12.2 percent.