Hawaii economy

Hawaii economic growth

Economic growth of the state of Hawaii is tracked by the GDP growth indicator. However, GDP is a lagging indicator since it reports what economic growth was in the previous quarter. MacroVar aims to predict what economic growth will be in six to twelve months. Consequently, MacroVar tracks the following leading economic indicators: Hawaii Leading economic index, Initial jobless claims, Building permits and Real Estate prices. Current economic growth conditions of the state of Hawaii are monitored using Hawaii coincident economic activity index.

Indicator Actual Previous M/M% Y/Y% Trend ZS5Y Trend Update
Leading Index Hawaii 0.83 0.3 1.76667 -21.75 -1.0 0.0166667 2020-02-29
Coincident Economic Activity Index for Hawaii 114.52 111.97 0.022774 0.414002 1.0 1 2021-04-01
Initial Jobless Claims Hawaii 2175 2391 -0.0903388 -0.11979 -1.0 0.6 2021-05-29
Build Permits Hawaii 356.042 262.721 0.35521 0.236193 1.0 0.65 2021-04-01
Total Gross Domestic Product Hawaii 90765.7 89865.6 0.0100161 0.000772915 -1.0 0 2020-10-01
Zillow Hawaii all Prices 708288 701539 0.00962028 0.0721792 1.0 1 2021-04-30
Unemployment Rate in Hawaii 8.1 8.7 -0.0689655 -0.630137 -1.0 0.0166667 2021-04-01

Hawaii Unemployment

Hawaii unemployment is a very important economic indicator affecting the state’s economic condition. MacroVar monitors initial jobless claims which is reported every week and is an important indicator of current economic conditions. Hawaii unemployment is reported later in the month.

Indicator Actual Previous M/M% Y/Y% Trend ZS5Y Trend Update

Hawaii Real Estate

Construction activity is a very important economic indicator for the economy of Hawaii. MacroVar monitors the following indicators: Hawaii building permits, real estate prices, real estate rent and the house price index. Building permits is a leading economic indicator measuring the number of permits required to start construction. Hence, it predicts the construction activity in the state for the following year. When economic growth is strong and financial conditions are normal, developers are optimistic about future economic growth and they apply for new building permits to begin new construction projects and vice-versa.

Indicator Actual Previous M/M% Y/Y% Trend ZS5Y Trend Update
Build Permits Hawaii 356.042 262.721 0.35521 0.236193 1.0 0.65 2021-04-01
Leading Index Hawaii 0.83 0.3 1.76667 -21.75 -1.0 0.0166667 2020-02-29
All-Transactions House Price Index for Hawaii 653.74 661.42 -1.16 7.45 UP 95 2021-01-13
Coincident Economic Activity Index for Hawaii 114.52 111.97 0.022774 0.414002 1.0 1 2021-04-01
Zillow Hawaii all Prices 708288 701539 0.00962028 0.0721792 1.0 1 2021-04-30

Hawaii Cost of living

Hawaii cost of living is monitored using the following indicators: Real per capita personal income, Real trade-weighted value of the dollar, Hawaii Zillow rent levels, Regional price parities all items

Indicator Actual Previous M/M% Y/Y% Trend ZS5Y Trend Update
Real Per Capita Personal Income for Hawaii 43687 43230 1.06 0 UP 0 2021-01-13
Real Trade-Weighted Value of the dollar for Hawaii 121.019 119.346 0.0140181 -0.0536889 -1.0 0.0333333 2021-03-01
Regional Price Parities: All Items for Hawaii 119.3 118.5 0.68 0 UP 0 2021-01-13

Hawaii Economic news

MacroVar monitors news and economic developments related to the Hawaii economy.

Economic Indicators Overview

  • Leading Index: The leading index for Hawaii state predicts the six-month growth rate of the state’s coincident index. The indicator monitors the following variables leading the economy: state-level housing permits (1 to 4 units), state initial unemployment insurance claims, delivery times for Institute for Supply Management (ISM) manufacturing survey, and the interest rate spread between the 10-year Treasury bond and the 3-month Treasury bill.
  • Coincident Index: The coincident economic activity index includes the following indicators: nonfarm payroll employment, the unemployment rate, average hours worked in manufacturing and wages and salaries. The trend for Hawaii state index is set to match the trend for GDP growth.
  • Initial Jobless claims: An initial claim is a claim filed by an unemployed individual after a separation from an employer. The claim requests a determination of basic eligibility for the Unemployment insurance program.
  • Building Permits: Hawaii building permits represents the total number of building permits for all structure types.
  • GDP: The total value of goods produced and services provided in Hawaii during one year.
  • Unemployment Rate: Hawaii unemployment rate is the proportion of the labor force that is not currently employed but could be.
  • Real Estate prices (Zillow): MacroVar monitors real estate prices across Hawaii using current prices determined by real estate activity tracked by Zillow.
  • House Price Index: Hawaii House price index summarizes real estate activity using estimated sales prices and appraisal data.
  • Real trade-weighted value of the dollar: This index calculates the inflation-adjusted value of the US dollar against the currencies of countries to which Hawaii exports. The real exchange rates are aggregated across countries for Hawaii using the annual average export share to the country.
  • Regional price parities: Regional price parities (RPPs) are regional price levels expressed as a percentage of the overall national price level for a given year. The price levels are determined by the average prices paid by consumers for the mix of goods and services consumed in the state of Hawaii. Taking the ratio of RPPs shows the difference in price levels across regions.

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