Hawaii’s Economic Diversification: Tapping into Ocean-Based Industries and Strengthening Traditional Styles

On Tuesday, the University of Hawaii Economic Research Organization released a report highlighting opportunities for Hawaii to diversify its economy beyond tourism. The study focused on ocean-based industries that have 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 identified smaller industries with opportunities for diversification.

One key finding of the study was 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. Professor Steven Bond-Smith of UH Manoa emphasized the importance of leveraging Hawaii’s existing strengths to identify new opportunities for growth and diversification.

The report underscores the importance of exploring new industries and nurturing existing strengths in order to create a more diverse and resilient economy for Hawaii. By leveraging its unique resources and strengths, Hawaii can position itself for long-term success beyond the tourism industry.