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