Real estate industry rebounding, data say

The state Department of Business, Economic Development and Tourism has sized up Hawaii’s real estate industry with a new report analyzing the latest Economic Census data from the U.S. Census Bureau.

The report said the most recent data, from 2012, show that real estate businesses statewide generated $3.41 billion in revenue that year. Revenue includes commissions, rents, net investment income and other payments earned by real estate companies.

Though the real estate market was well into a recovery in 2012, the revenue total was down 14 percent, or $560 million, from the $3.97 billion generated in 2007 before the Great Recession that began late that year.

DBEDT’s report said there were 1,919 Hawaii real estate businesses with employees in 2012, down 8 percent from 2,084 businesses in 2007.

The number of paid employees at these real estate businesses in 2012 was 11,369. That was down 32 percent from 16,759 paid employees in 2007.

DBEDT said the Economic Census data only count businesses with at least one paid employee. The agency said nonemployer survey data show that there were 11,106 Hawaii real estate businesses with no employees in 2012 but that revenue from these businesses was not significant.

The Economic Census is conducted by the Census Bureau every five years.

Mokulele accepts 11th new Grand Caravan

Mokulele Airlines, which operates 150 daily flights out of Oahu, Maui, Molo­kai and Hawaii island, took delivery Thursday in Kona of the company’s 11th new nine-seat Grand Caravan turboprop aircraft.

The Kona-based carrier now operates 15 Grand Caravans and employs 93 pilots.

30-year mortgage declines to 3.65 percent

WASHINGTON » Average long-term U.S. mortgage rates are down slightly this week and remain near historic lows.

Mortgage giant Freddie Mac says the national average for a 30-year, fixed-rate mortgage slipped to 3.65 percent from 3.67 percent last week.

The average rate for a 15-year mortgage, popular with homeowners who refinance, slid to 2.92 percent from 2.94 percent. A year ago the 30-year mortgage rate averaged 4.33 percent; the 15-year mortgage averaged 3.39 percent.

The 30-year average rate hit a record low 3.31 percent in November 2012. The 15-year average hit bottom at 2.56 percent in May 2013.

Rates have remained low despite the Federal Reserve’s decision last year to stop monthly bond purchases meant to hold down long-term rates.

Volvo to send ‘Made in China’ cars to U.S.

CHENGDU, China » On the verge of exporting the first "Made in China" cars to the United States, Volvo is determined to show they are as good as vehicles it produces in Europe.

In contrast to its European plants that check a few completed cars from each batch, every vehicle that rolls off Volvo’s 3-year-old assembly line in Chengdu goes through a five-hour battery of tests on a driving track.

Buyers think big, lifting GM quarterly profit

DETROIT » Encouraged by lower gas prices, consumers in the U.S. spent big in the first quarter on vehicles that carry lots of passengers and cargo — and deliver hefty profit margins for General Motors.

The shift to pickups and SUVs helped GM record a $2.18 billion first-quarter profit in North America, its most lucrative market. Tougher conditions in Europe, Russia and South America whittled GM’s overall quarterly net profit down to $945 million.

Walmart CEO’s pay falls to $19 million

NEW YORK » Unimpressive results at Wal-Mart Stores Inc. are hurting pay for its top executives.

Walmart CEO Doug McMillon, who took over the top job at the world’s largest retailer in February 2014, received a compensation package worth $19.06 million in the fiscal year ended Jan. 31, according to an Associated Press analysis of a regulatory filing late Wednesday. That’s down 24 percent from $25.3 million in the previous year.

Ship Ahoy!

Today’s ship arrivals and departures:

On the Move

» Hawaiian Airlines has named Rod Urbano director of strategic initiatives for its strategy and transformation division. His 25 years of experience includes global aviation operations, risk management, strategic procurement and operational safety; and as a Navy chief of staff-commander, Anti-Submarine Warfare Force 3rd Fleet at Pearl Harbor.

» Honolulu HomeLoans has promoted Regan Onikama to HHL affiliate manager from senior vice president. He will oversee the company’s loan officers and support of its affiliate companies, including Island Mortgage Associates, Honolulu Mortgage Alliance, Lokahi HomeLoans, Sandalwood HomeLoans and Pacific Home Lending. He has more than 15 years in the mortgage industry, including five years as owner and manager of his own mortgage brokerage.