UHERO report looks for ways to expand Hawaii’s economy beyond tourism

HONOLULU (HawaiiNewsNow) - Where do you think Hawaii can diversify its economy?

The University of Hawaii Economic Research Organization released a new report on Tuesday identifying potential opportunities to diversify the state’s economy to create long-term stability and support growth beyond tourism.

The study shows Hawaii has great potential for ocean-based industries—such as fishing, fish farming and hatcheries, boat building, port and harbor operations, and seafood packaging.

“By knowing how industries in the US are related to related to one another based on that location patterns, we then look at the existing industry strengths and Hawaii counties and measure which industries are more likely to be suited to Hawaii,” UH Manoa Professor of Economics Steven Bond-Smith said.

“And then we look at which of those more suitable industries are smaller than we would expect. And these are our diversification opportunities.”

The study also highlights opportunities to grow industries that align with Hawaii’s traditional strengths while also offering the potential for diversification, such as hospitality, water transportation, and video production.

Read the full report here.