HONOLULU (AP) — Hawaii bankruptcies fell to their lowest level in May in 15 years as the economy scrapes out of a slowdown caused by a coronavirus pandemic.
Data from the US bankruptcy court shows there were 100 cases in May, down 10.7% from 112 in the same month last year, the Honolulu Star-Advertiser reported Monday.
The last time there were fewer cases in May was in 2006 when there were 93.
Eugene Tian, chief economist at the state’s Department of Economy, Economic Development and Tourism, expects bankruptcy filings to remain low for the rest of the year thanks to the reopening of the economy, the lifting of travel restrictions and stimulus funds from the federal government.
In the first five months of 2021, insolvencies fell by 11.2% from 624 in the same period last year to 554.
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Tourism from the rest of the US has rebounded strongly, with more travelers arriving from the US mainland in May 2021 than in May 2019. However, visitors from other countries have not returned at the same rate. International arrivals account for less than 1% of the total two years ago.
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