Honolulu No. 2 in cost of raising kids

It costs $429,635 to raise a child in Honolulu, 75.1 percent more than the national average of $245,340 reported by the U.S. Department of Agriculture on Monday.

Personal finance site NerdWallet delved into the numbers and its market-by-market ranking of child-rearing costs is topped by Manhattan at $540,514.

Honolulu is second, followed by San Francisco, Brooklyn, N.Y., and at No. 5 on the list, Hilo, at $369,559.

NerdWallet researchers took the USDA’s $245,340 average and adjusted it for cost of living in each city, using the cost-of-living index provided by the Council for Community and Economic Research. Housing costs constitute 30 percent of the total cost calculated by the USDA. Sending children to day care costs more than sending them to college in 31 states, NerdWallet found.

The least expensive U.S. markets in which to raise a child according to NerdWallet, are Norman, Okla., at $199,298, and Harlingen, Texas, at $199,694.

Tax yield from isle businesses up 10.4%

Hawaii businesses paid 10.4 percent more in state and local taxes in the 12-month period that ended June 30, 2013, compared to the year earlier, according to financial advisory firm Ernst & Young LLC.

Hawaii’s growth was the second-highest in the nation behind the 29.9 percent increase in taxes paid by businesses in North Dakota.

In all, the nation’s businesses paid $671 billion in total state and local taxes in fiscal 2013, according to Ernst & Young. Business taxes accounted for 44.9 percent of all state and local taxes during fiscal 2013, which is the lowest percentage since fiscal 2006. Business share peaked at 45.7 percent in fiscal 2007.

"We saw most categories of business taxes rise in FY2013," said Andrew Phillips, a principal in the Quantitative Economics and Statistics (QUEST) group at Ernst & Young, in a statement. "In most states, increases were due to growth in property values, business incomes, and transactions subject to the sales tax."

Local firm to lease Jimmy Buffett’s space

The Jimmy Buffett’s at the Beachcomber restaurant space is going to a new, locally based operator.

Outrigger Enterprises Group has leased the space to JB Waikiki LLC, an affiliate of Handcrafted Restaurants LLC, operator of Monkeypod Kitchen by Merriman in Ko Olina and in Wailea, Maui.

Chef and restaurateur Peter Merriman and Bill Terry are partners in Handcrafted Restaurants, according to state business registration records.

Jimmy Buffett’s at the Beachcomber will close after service Aug. 31, as initially announced in June, but will reopen after a Sept. 1-7 refreshing of the menu and the restaurant space. The new operators said they "aim to keep the bulk of" the 130 Jimmy Buffett employees

U.S. home construction up 15.7% in July

WASHINGTON » U.S. home construction rebounded in July, rising to an eight-month high and offering hope that housing has regained momentum after two months of declines.

Construction increased 15.7 percent in July to a seasonally adjusted annual rate of 1.09 million homes, the Commerce Department reported Tuesday. That was the fastest pace since November and followed declines of 4 percent in June and 7.4 percent in May.

Applications for building permits, considered a good sign of future activity, also showed strength in July, advancing 8.1 percent to an annual rate of 1.05 million, after declines of 3.1 percent in June and 5.1 percent in May.

The July rebound reflected strength in single-family home construction, which rose 8.3 percent, and in apartment construction, which was up 33 percent.

Shipping rise bodes well for world trade

COPENHAGEN, Denmark » The world’s largest shipping company says it is sending more containers around world, a sign that global trade — and possibly economic growth — is picking up.

A.P. Moller-Maersk, which investors monitor as a bellwether for world trade, on Tuesday lifted its earnings outlook on the back of an increase in freight volumes, a promising development at a time when a major economy like China is slowing and much of Europe remains stagnant.

The Danish group said shipping volumes rose 6.6 percent in the second quarter, one of several factors that caused its net profit to more than triple to $2.3 billion.

ON THE MOVE

Hawaii Preparatory Academy has announced that Dan Petrill has been named chief financial officer as of Sept. 1. He joined HPA in 2010 and was previously a chief financial officer and co-owner of Hamakua Macadamia Nut Co. Petrill also has accounting experience on the island of Hawaii, including serving in controller positions at MacFarms of Hawaii and Hawaiian Abalone Farms.

Hawaiian Airlines has appointed Brent Overbeek to vice president of revenue management and network planning. Prior to joining the airlines, Overbeek was the vice president of revenue management for Etihad Airways in Abu Dhabi as well as having worked for American Airlines.

Graham Builders has promoted James Jonah to project manager from finish carpenter. He has more than 30 years of experience in the carpentry industry. Jonah returned to Graham Builders in 2008 and served as a shop foreman and master cabinetmaker. He has also served as a field supervisor for Darcey Builders.