On Tuesday, the University of Hawaii Economic Research Organization released a new report on potential opportunities for Hawaii to diversify its economy. The study identifies smaller industries that are not as developed as expected, presenting opportunities for diversification. By analyzing the location patterns of industries in the US and comparing them to Hawaii’s existing industry strengths, the report identifies industries that are well-suited for the state and have potential for growth.
According to UH Manoa Professor of Economics Steven Bond-Smith, ocean-based industries such as fishing, fish farming, hatcheries, boat building, port and harbor operations, and seafood packaging could benefit Hawaii. In addition to these opportunities, the report highlights areas where Hawaii can expand its traditional strengths in hospitality, water transportation, and video production.
The full report can be found on the Hawaii News Now website. By diversifying its economy beyond tourism, Hawaii can create long-term stability and support growth in various sectors. Copyright 2024 Hawaii News Now. All rights reserved.