Kaua‘i’s real estate and construction markets have blossomed into a major economic force that now rivals visitor spending on island, according to 3rd quarter data released Tuesday by the Kaua‘ian Institute. Visitors spent an estimated $300 million on Kaua‘i in
Kaua‘i’s real estate and construction markets have blossomed into a major economic force that now rivals visitor spending on island, according to 3rd quarter data released Tuesday by the Kaua‘ian Institute.
Visitors spent an estimated $300 million on Kaua‘i in the 3rd quarter, while nearly $200 million in real estate changed hands and local contractors built nearly $50 million of new properties.
“Five years ago, visitors spent roughly $4 for every $1 of real estate and construction activity,” said Economist Ken Stokes, the Institute’s Research Director.
“Whereas in the current real estate boom it is more like $1.25 to $1.”
These results are contained in the Institute’s Quarterly Sector Review.
The Institute also released its Monthly Market Outlook. Two worrying signs in the latest data are a flattening trend in visitors’ length-of-stay and in high-end home sales, Stokes noted.
The Institute, now online at www.kauaian.net, recently launched to provide “accurate, detailed and timely Kaua‘i data for market analysts and business owners.”
“Kaua‘i decision-makers want a better sense of the market’s direction in the months ahead,” Stokes said.
“The Institute has worked very hard to make this possible.”
