Employment in Honolulu remains below its pre-recession peak in 2007 despite the employment growth over the last five years. The current unemployment rate is 8 % higher today. Economists, including the Congressional Budget Office, predict that it will stay above 8% at least in the next years to come.
Here is an overview of employment trends in Honolulu.
- 8.4 million jobs were lost in the recession period. The city has experienced a sluggish growth and employment hasn’t returned to normal levels.
- The employment rate is normed to 1.0 across industries.
- The disproportionate amount of sectors means employment change and has a significant impact on the economy.
The rate at which people are employed is predicted to grow 1.8% per year, a rough estimation based on Honolulu living. During the recovery period, the employment growth in our city is projected to increase from 2012 to 2017 at rate of 1.3% per year. This is determined by the employment growth by skill level, the overall basis of growth of jobs by industries. Skills are measured by the rank of educational attainment a given job requires.
The overall growth of jobs requiring distinct levels of knowledge is only one part of the economic recovery in Honolulu HI living. The other part is the number of labor pool with the right level of knowledge who are looking for jobs. The unemployment rate is usually used as an indicator of the number of the labor pool. It gives us the number of individuals actively in search for jobs as a percentage of the labor force.
Our employment recovery is still ongoing, but at a slower pace with employment growth projected over the next five years according to a study in Honolulu events. Putting the overall employment benefits in perspective, the number of the unemployed population remains much higher than the available jobs. Low-skilled workers are among the disproportionately unemployed. Further study on Honolulu events show that more job development is required in the industry sector and the skill levels reverted for a true healthy economy.