Click me
Transcribed

Hawaii Economic Diversification

Diversifying Hawaii's economy: Be patient! Tourism dominates Hawaii's economy. A recent study measures whether other sectors may soon grow enough to provide more diversity. Over 93,000 people directly employed in Hawaii tourism Government Accommodation & Food Svc. Retail Trade Health Care & Soc. Assistance Admin. and Waste Management Construction & Mining Transportation and Utilities Other Services Prof, Sci, and Tech. Svc. Wholesale Trade Finance and Insurance Educational Services Manufacturing Real Estate & Rental Information Management of Companies Agriculture 30 60 90 120 Employment, in thousands Diversification study: targeted sectors For years, Hawaii has sought to balance its economic reliance on a few large economic activities like tourism, defense jobs, and planta- tion agriculture (sugar and pineapple), by providing support for the growth and development of numerous smaller economic activities and industries. In the 1970s garment manufacturing, film, and diversified agriculture were seen as potential growth industries, among others. More recently, development interest has focused on biotechnology, digital media and creative industries. The 2011 Update Report on Hawaii's Targeted & Emerging Industries covers the period 2001-2011, which constitutes an economic cycle including periods of growth, contraction, and recovery. It compares performance of targeted sectors in Hawaii against overall US performance, measuring relative growth rates and salaries, and grouping the sectors into those with better growth potential and those that are stable or declining. These activities have been variously referred to as emerging, growth or targeted industries. They have been pursued because they were thought to have potential as significant, long-run contributors to economic growth and skilled jobs. Studies have been undertaken recently to define, measure and assess their performance. The effort to identify, define and measure these activities will form the basis for more detailed analysis in future research reports. Those reports will seek to better understand Hawaii's portfolio of targeted industries, the reasons behind their performance, their workforce and other input needs, and how their performance and economic contribu- tion to the state might be improved. Job growth in targeted sectors was measured... 2001 2007 2010 2011 HEALTH & WELLNESS Includes: Medical Testing, Specialty Health Care Services Health & Wellness 60,000 CREATIVE Includes: Film, TV Video Production, Cultural Activities, Business Consulting, Engineering and R&D Services, Design Services, and Computer and Digital Media 50,000 Creative 40,000 Technology 30,000 TECHNOLOGY Includes: Technology Manufacturing, Biotech R&D, Medical testing, Computer services, Engineering and related services. Agribusiness 20,000 Education 10,000 AGRIBUSINESS Includes: Aquaculture Production GROWTH PERIOD IN ECONOMY CONTRACTION Number of RECOVERY jobs .and a select few outshine mainland growth... Within the targeted sectors, a few key industries have shown impressive growth rates when compared to the US average for those industries, signifying a potential Hawaii competitive advantage. 3000 2001 2007 2010 2011 2500 Film & TV The surge of alternative power generation projects has spurred growth in tech manufacturing. Filming of TV shows such as Hawaii 5-0 and Last Resort as well as the 2000 Biotech R&D 1500 sequel to the Hunger Games have fueled the Film and TV industry. University of Hawai's John A. Burns School of Medicine has attracted or Tech Mfg 1000 created over a dozen biotech research firms working in collabora- tion with the school. 500 Number of GROWTH PERIOD IN ECONOMY CONTRACTION jobs RECOVERY ..but, steady growth is needed to catch up with tourism 120,000 Growth in tourism is expected to plateau by 2015 due to lack of capacity to support significant further growth in the near term. The Technology, Creative and Health & Wellness sectors grew at rates of 1.6%, 1.6% and1.5% respectively from 2001 to 2011. Projecting continued growth in those sectors Tourism 100,000 80,000 Health & Wellness year over year, the Creative and Health & Wellness sectors would 60,000 Creative surpass tourism in 2026. Should those sectors grow at lower rates, it will take much longer. 40,000 Technology 20,000 2012 2015 2020 2025 Projected number of jobs ARTICLE SOURCES Hawai's Targeted & Emerging Industries 2011 Update Report: Hawaii Department of Business, Economic Development, & Tourism, December 2011 http://hawaii.gov/dbedt/main/about/annual/2011-reports/2011-emerging-industries.pdf UHERO Data Portal, http://www.uhero.hawaii.edu/ http://www.uhero.hawaii.edu/assets/12Q4StateUpdatePublicSummary.pdf Honolulu Star Advertiser http://www.staradvertiser.com/business/20110619_The_business_of_biotech.html?id=124150504 INFOGRAPHIC BY JEFF & KAREN BENNETT, DECEMBER 2012 For Introduction to Infographics and Data Visualization course http://DigitalSplashMedia.com | @DigitalSplash http://VizThinker.com | @VizThinker

Hawaii Economic Diversification

shared by Jeff Bennett on Dec 21
716 views
0 shares
0 comments
Tourism dominates Hawaii's economy. A recent study measures whether other sectors may soon grow enough to provide more diversity.

Category

Economy
Did you work on this visual? Claim credit!

Get a Quote

Embed Code

For hosted site:

Click the code to copy

For wordpress.com:

Click the code to copy
Customize size