Architecture Landscape: Economics of Hawaii Tasha Nalei Valenzuela

Tourism Hawaii Economy Institutions Research & Development Hawaii Economic Association National Association for Business Economics Economic Sectors AgricultureIndustry Trade & FinanceTransportation LimitationsStatisticsCorrective Efforts

Economically vigorous with diversified agriculture and manufacturing. Set up strategically for the global defense system of the United States. Hawaii often called the Crossroads of the Pacific, and a major tourism mecca. Hawaii’s Economy

Economic Institutions NABE HEA –Non-profit organization of professionals from a broad spectrum of Hawaii businesses and organizations. –Mission promote public awareness and understanding of economics Discuss Hawaii’s economic issues Bank of Hawaii Research and Development –Hawaiian activities of national and international importance include research and development in the following areas: Oceanography Geophysics Astronomy Satellite Communications Biomedicine

Economic Sectors Tourism –Hawaii’s largest industry –60% of the hotel units are on Oahu (mostly in Waikiki) Agriculture –Basis of local economy –Second largest in producing sugarcane and leads in pineapple production Challenged by lower labor cost in other countries ie. Philippines –Livestock, poultry, dairy production, lumbering, and commercial fishing are import sources of income. Nearly half of the commercial fish catch is aku (tuna).

Economic Sectors Industry –Hawaii has several hundred companies engaged in diversified manufacturing –A wide variety of Hawaii-grown foods, sold locally and exported to mainland –Major Hawaiian industries are unionized International Longshoremen’s and Warehousemen’s Union (ILWU)

Economic Sectors Trade –Exports sugar, canned pineapples, garments, flowers, canned fish –Imports Fuel, vehicles, food, and clothing Finance –Chief sources of the state’s revenue are general excise tax, individual income taxes, and federal grants-in-aid.

Economic Sector Transportation –Ocean-surface transportation –Honolulu Harbor Extensive docks, warehouses, and storage sheds –Luxury cruise lines –Air travel: Honolulu International Airport

Economic Limitations High cost of Living Transportation costs Housing difficult to acquire Building materials expensive- imports

Economic Statistics of Hawaii Overall positive growth in 2006 for state economy State unemployment rate is one of the lowest in the nation. Hawaii civilian labor force increased 2.6% to a total of 648,050 people. (HI pop: ) Total civilian wage and salary job increased 2.6% Housing for a single family price increased 10.8% to $640,000 Total number of visitors arriving by air to Hawaii increased 2.7%

Corrective Efforts Efforts have been made through legislation. Carefully planned housing located in communities

Tourism Hawaii Economy Institutions Research & Development Hawaii Economic Association National Association for Business Economics Economic Sectors AgricultureIndustry Trade & FinanceTransportation LimitationsStatisticsCorrective Efforts