Report finds Honolulu’s economy among the strongest

Honolulu was among the top 20 strongest-performing metropolitan areas during the second quarter, according to Brookings Institution’s MetroMonitor study, which examines the 100 largest metropolitan areas on a quarterly basis to determine how they’re recovering economically.

MetroMonitor ranked cities according to four indicators: the percent change in employment from its peak to first-quarter 2009; the percentage change in the unemployment rate from first-quarter 2008 to first-quarter 2009; the percent change in gross metropolitan product from its peak to first-quarter 2009; and the percent change in housing prices from first-quarter 2008 to first-quarter 2009. The gross metropolitan product (GMP) is the total value of goods and services produced within the metro area.

During the second quarter of 2009, Honolulu lost jobs at a slower rate compared to the first quarter, the report said. Honolulu’s employment was off 2.5 percent, ranking it No. 26 among the 100 metros. The unemployment rate was up 2.7 percent in June, compared to the same 2008 month, ranking 18th; the GMP lost 1.5 percent from its peak, ranking 9th; and housing prices were down year over year by 3.6 percent, ranking 64th.

Three metro areas – Austin and McAllen Texas, and Washington, D.C., were showing signs of full recovery from the recession, according to the report, which can be found here.