Hawaii’s Economic Evolution: Exploring Diversification Opportunities Beyond Tourism

On Tuesday, the University of Hawaii Economic Research Organization released a new report identifying potential opportunities for Hawaii to diversify its economy. The study 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 report 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. 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.