Yelp Report Says Honolulu Has The 3rd Best Economy In The US

Companies like EarthwiseHauling.com, working in places across the US, have been dealing with a bit of slowdown in economic growth across the country. Thankfully, the effects aren’t too bad, and certain cities in the country have barely felt the slowing, with good economic growth.

A report published by the online review site Yelp took note of the economic status of cities across the US, and noted the best performing cities in the 50 states. The site’s Yelp Economic Average, is a metric made from examining business growth and consumer demand, among other numbers. Notably, Honolulu, Hawaii, retained its status as a boomtown thanks to good economic performance in the third quarter of 2019, placing it as the third best city in the US, in terms of economic performance. The Hawaiian city had a YEA score of 104.9, up by 1.3 from 2018’s, and higher than the state of Hawaii’s YEA score of 104.2.

The state of Hawaii, in general, was in a good spot, with a lot of economic growth in 2019, alongside North and South Dakota, Alaska, and Wyoming, according to Yelp’s data.

Yelp’s data also took note of how specific business categories in Honolulu performed, with bookkeepers (+31.2), junk removal and hauling (13.4), software development (+24.2), and breweries (-5.9), among the best performing. Meanwhile, laundry services, sporting goods, computers, mobile phones, internet service providers, and others fared the worst in the city.

Nationwide, service businesses like EarthwiseHauling.com fueled growth, while retail businesses slumped.

Yelp Data Science Editor Carl Bialik says that the slowdown of economic growth seen in 2019 was a reflection of business profits going down, which, in turn, led to a drop in business investments. This was a major factor in slowing down economic growth across the US in 2019, alongside uncertainty around the trade policy.

Bialik says that for every quarterly release of the YEA since its introduction in Jan 2019, the changed in every quarter for Yelp’s metric has been a good match for the change in actual GDP. He notes that if the GDP sticks to the flow it has, then GDP growth in 2019’s last quarter will likely show a decline from the third quarter’s numbers.

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