Hawaii’s Economy Beyond Tourism: The Potential for Diversification and Long-Term Success

On Tuesday, the University of Hawaii Economic Research Organization released a new report that focuses on the potential for Hawaii to diversify its economy beyond tourism. The study identifies ocean-based industries as having great potential for growth, including fishing, fish farming, boat building, port and harbor operations, and seafood packaging. By analyzing industry patterns and strengths in Hawaii’s counties, the report highlights opportunities for diversification in industries that are smaller than expected.

One of the key findings of the study is the potential for Hawaii to grow industries that align with its traditional strengths, such as hospitality, water transportation, and video production, while also offering opportunities for diversification. This approach aims to create long-term stability and support growth in the state’s economy. Professor Steven Bond-Smith of UH Manoa emphasizes the importance of leveraging Hawaii’s existing strengths to identify new opportunities for growth and diversification.

According to the report, by exploring new industries and nurturing existing strengths, Hawaii can position itself for long-term success beyond the tourism industry. The study underscores the importance of creating a more diverse and resilient economy for Hawaii.