Here in Hawaii tax collections are up 4.5%. There were 40K new jobs this year and unemployment figures are down. Anecdotally, tourism is bustling. There are for hire signs at all the businesses. Traffic is bad, and there a lot of new mainlanders here.

Typically Hawaii lags a year or two behind the mainland, both on the ups and the downs.

Laurel Kenner writes: 

In New York, the economy has become all about real estate. A tax-dollar-funded ZIRP boom. Commercial rents have tripled and quadrupled. Non-chain businesses have mostly closed. New bank branches have filled the larger spaces where restaurants and small shops once were. Many landlords have opted for building luxury condos. Scaffolding is everywhere. Entire lanes of streets in this already clogged city have been given over to construction material storage. Walk anywhere, and your face will be covered with construction dust. There are more cranes than in pre-crash Dubai, a city-state once pithily described by one of chair's former business partners as a real estate promotion. The socialist NY mayor's office is under federal investigation for selling zoning changes to developers for millions of dollars. I live by the Hudson, and private helicopters fly by once a minute, drowning out conversation as well as the sound of birds and cicadas. The helicopter companies are big-money contributors to the mayor's slush funds. More homeless, more subway delays and slashings. It is a bubble that will end when it ends; meanwhile, New York becomes more dystopian. 


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