Maui County has released the November Tourism and Economic Data:
- Tourism: Visitor arrivals declined 17% over last November. Year-to-date arrivals were down approximately 13% since the same period last year. West Coast visitor numbers were flat. While there were declines in the East Coast and Japanese visitor arrival rate, Canadian visitor arrivals were up 43%.
- Length of Stay: Overall, the length of stay increased 7%. The trend of fewer arrivals, but longer stays appears to be continuing.
- Total visitor days are down almost 7% YTD, driven by a 9% decrease in domestic days, but offset by an 18% increase in international days.
- Visitor Expenditures: November had total visitor expenditures of $197.1mm, with year to date expenditures down 11%.
- Per Person/Day Spending: The current level of daily spending per person is $168.10, also down 11%.
- Effects on the Maui Economy: Maui’s unemployment rate was 6.0% in November, the highest since 1998.
- Real Estate Resales: single family home sales showed a median price decline of 25% for the year, similar to a pre-2004 price level. Condominium resales showed a decline of 37% for the year, though more sales were focused in non-resort areas. This represents a pre-2006 level.
- Building Permits declined 24% overall, with the biggest decline being commercial permits, at 63%. The current monthly level of $13.6mm is similar to the levels experienced in 2001.
On a positive note: airfares have dropped, and hotels are running more specials. With regard to the real estate market, as inventory increases, buyers have more choices. In addition, interest rates remain very low.
For more information, please visit the Hawaii Department of Business, Economic Development and Tourism.