On Tuesday, the University of Hawaii Economic Research Organization released a new report, focusing on opportunities 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.
According to Professor Steven Bond-Smith of UH Manoa, leveraging Hawaii’s existing strengths can help identify new opportunities for growth and diversification. One of the key findings of the study is that Hawaii can grow industries that align with its traditional strengths while also offering opportunities for diversification. This approach aims to create long-term stability and support growth in the state’s economy.
The report underscores the importance of exploring new industries and nurturing existing strengths to create a more diverse and resilient economy for Hawaii. By positioning itself with unique resources and strengths, Hawaii can position itself for long-term success beyond the tourism industry.
