Merry Christmas and a Happy New year in 2020
Lissette and I have been blessed with an abundance of great memories and experiences in 2019 including those including all of our friends and clients, old and new. A big mahalo to our clients who have entrusted us in many different ways with their properties. We both enjoy assisting our buyer and seller clients as well as though that use our Hawaii Homechex concierge services.
We started our dream not knowing anyone on Hawaii Island in June of 2001 and now count almost 19 years here and we now know many of you that started as clients and we now call friends. Much love and many thanks! Wishing everyone a joyous and happy 2020!!!
Here are a few New Year’s Predictions for 2020 of Hawaii and National Economic Trends:
Low National Inflation Rates
The annual inflation rate for the United States is 2.1% for the 12 months ended November 2019, compared to 1.8% previously, according to U.S. Labor Department data published December 11, 2019.
Low State of Hawaii and National Unemployment
Hawaii – The Hawai‘i State Department of Labor & Industrial Relations (DLIR) today announced that the seasonally adjusted unemployment rate for October was 2.7 percent, for the third consecutive month. Statewide, 643,700 were employed and 17,700 unemployed in October for a total seasonally adjusted labor force of 661,400. Nationally, the seasonally adjusted unemployment rate was 3.6 percent in October, compared to 3.5 percent in September.
National – THE EMPLOYMENT SITUATION — NOVEMBER 2019 Total nonfarm payroll employment rose by 266,000 in November, and the unemployment rate was little changed at 3.5 percent, the U.S. Bureau of Labor Statistics reported today. Notable job gains occurred in health care and in professional and technical services. Employment rose in manufacturing, reflecting the return of workers from a strike. 8:30 a.m. (EST) Friday, December 6, 2019
Low, Long Term Mortgage Interest Rates
12/10/19 bankrate.com 12/10/19 The average 30-year fixed mortgage rate rose 3 basis points to 3.93% from 3.90% a week ago. 15-year fixed mortgage rates rose 3 basis points to 3.26% from 3.23% a week ago.
High Building Costs and Long Lead times for new construction
Honolulu has 4th highest building cost in the world as of May 2019.