Honolulu was among the top 20 strongest-performing metropolitan areas during the second quarter, according to Brookings Institution’s MetroMonitor.

Hawaii received stellar grades for its economic stability, but needs improvement when it comes to high housing costs, according to a new report.   The report gave Hawaii an “A” overall, and “A’s” in all but one area — housing and homeownership — where it received a “B.”

The median household income in Hawaii rose 5.4 percent to $67,214 in 2008 from $63,746 in 2007, the U.S. Census Bureau reported Monday. With the increase, the state’s median income ranked 5th in the nation in 2008, the same ranking it had in 2007.

Hawaii slipped 12 spots to No. 39 on the latest Forbes magazine list of the best states for business.  The magazine ranks all 50 states based on costs, labor supply, regulatory environment, current economic climate, growth prospects and quality of life. Business costs, which include labor, energy and taxes are weighted the most heavily.