An accurate picture of Hawai`i's economy
|
In every corner of the globe, from central government meetings in Beijing, to board meetings in New York and London, from the presidential campaign trail, to offices in downtown Honolulu, and in every Hawai`i home, the economy is dominating the dialogue. The Lingle-Aiona Administration is focused on immediate steps to bolster Hawai`i's current economic conditions, while transforming our economy through comprehensive and strategic long-term initiatives. The six-point plan calls for investing in infrastructure and capital improvement projects; lowering business fees and providing tax relief; attracting outside investments, especially in renewable energy; increased tourism promotion and marketing with a focus on California; expanding the innovative use of federal Temporary Assistance for Needy Families (TANF) funds; and maximizing federal dollars and partnerships. The Lingle-Aiona Administration also remains focused on the Hawai`i Innovation Initiative, the state's proactive, long-term approach to transforming the economy away from an over-reliance on land development, and focusing on the innovative capacity of Hawai`i's people. A key component of this includes developing innovative solutions to increase Hawai`i's energy independence through the Hawai`i Clean Energy Initiative, an unprecedented partnership between the State and the U.S. Department of Energy that aims to have 70 percent of Hawai`i's energy come from clean, renewable energy sources by 2030. While Hawai`i currently faces economic challenges influenced largely by national and international factors, the foundation of the state's economy remains strong, as reflected in two national surveys. In Forbes magazine's 2008 list of Best States to do Business, Hawai`i improved 10 spots over last year. This year Hawai`i ranked 27th, compared to 37th in 2007 and 42nd in 2006. The survey takes into account six criteria, including business costs, labor pool, regulatory environment, growth prospects, economic climate and quality of life. Forbes ranked Hawai`i 4th in the nation for economic climate and 10th in the nation for labor. Hawai`i also posted remarkable improvement in the State Technology and Science Index published by the Milken Institute, climbing 11 spots to rank 28th overall in the nation. Learn more about this report. The Milken Institute is an independent economic think tank whose mission is to improve the lives and economic conditions of diverse populations in the United States and around the world. The 2008 State Technology and Science Index examines individual states’ abilities to leverage resources to achieve economic growth. The report cited several recent strides made by the State, including ambitious goals set by the Administration to reduce crude oil consumption as part of the Hawai`i Clean Energy Initiative, efforts to improve science, technology, engineering and math (STEM) education in our schools – one of several critical components of the Hawai`i Innovation Initiative, as well as Governor Lingle’s release of $5 million in July 2008 to create a dual-use fund for small companies developing business applications for both military and commercial markets.
|
In the News
|
