Of the countless reasons to make the Big Island of Hawai’i home, perhaps none stand quite so tall as the unbeatable weather. We’re so lucky to experience such balmy temperatures and unrivaled natural beauty year-round here on the island, and according to the latest report from the University of Hawai’i Economic Research Organization (UHERO), the Aloha State is set to continue to see sunny dayswell into 2023—economically speaking, that is!
That’s right: in their latest report, UHERO reports that their overall outlook for the Aloha State has not changed substantially since the fall, even in the face of rising costs and a darkened economic forecast for the rest of the country. The scourge of rising interest rates, inflation, and a potential downturn in the US market will likely do some disrupting to the economy at-large in 2023—yet Hawai’i is nevertheless predicted to weather much of the proverbial storm with a smile.
How could this be? Let’s hear it from the report itself:
- For starters, inflation here in Hawai’i is high, yet is lower than is seen in the US as a whole.
- Our state’s labor market is not as tight as that seen on the mainland, with excess demand for workers helping to bring up wages
- Home prices have begun to fall with reduced affordability running rampant across the islands the past two-plus years
And, of course, perhaps the biggest reason that the Big Island and the rest of Hawai’i are set to weather any potential economic storms is that we’re simply the place to be! With the visitor numbers nearly eclipsing the pre-pandemic tallies from 2019—and all the business said tourists, including our friends from Japan, are bringing back to our local economy—Hawai’i once again stands apart from the pack when it comes to our ability to thrive under otherwise difficult conditions.
Speaking of thriving...have you been itching to get in the real estate game as of late? With the total number of housing sales slowing down this may well provide the perfect opportunity for buyers of choice to hone in on the home of their dreams. Or maybe you’re curious about what it would look like to add an investment property to your expanding portfolio, or wondering about all the ins-and-outs of the vacation rental market?
No matter what question may bring you, Karen Bail and company have been delivering the goods here on the Big Island of Hawai’i for decades, providing top-notch customer service and expert analysis at every step of the way. She and her team are well-versed in any aspect of real estate that you can think of, and they’d be honored to make your acquaintance soon. Why not give her a call and get started on tracking down the home of your dreams today?
Aloha, mahalo, and a hui hou!