Economy
Location, Location, Location! A uniquely Hawai‘i economic development strategy
By Steven Bond-Smith Hawaiʻi’s economy is in trouble. Unemployment is typically low in Hawai‘i and it was close to an all-time low in March 2020 at just 2.1 per cent. But Covid-19 has ravaged the visitor industry. Business travel and tourism have dried up due to public health restrictions and the risk of contracting Covid […]
Read MoreLocation, Location, Location! A uniquely Hawaiʻi economic development strategy
By Steven Bond-Smith* Hawai‘i’s vulnerability to economic shocks has become a paramount concern during the pandemic. Extreme specialization in the visitor industry exposes Hawaiʻi to risk and volatility when events such as a pandemic, recession or terrorist attack trigger collapses in visitor numbers. In response, policy-makers in Hawaiʻi are placing an increasing emphasis on diversification. […]
Read MoreNowcasting the Trajectory of the COVID-19 Recovery
I develop a weekly coincident index of economic activity in the State of Hawaii. The purpose of the index is to nowcast the recovery from the COVID-19 induced downturn. The index is the first principal component extracted from 18 daily and weekly state-level time series, it captures about 80% of the variation in the sample, […]
Read MoreThe Hawaii Film Tax Credit: An Update
By Sumner La Croix and James Mak In 1997, Hawaii was one of the first states to grant tax credits to attract content producers to film their projects in the state. As of January 2021, 32 states offer tax credits to defray qualifying expenses of filming movie/TV productions. The competition to attract film/TV productions now […]
Read MoreUHERO Forecast for the State of Hawaii: More Substantial Recovery in Sight
Hawaii is struggling to emerge from the COVID-19 downturn, but the recovery is poised to accelerate. Falling virus counts and vaccination progress set the stage for a strengthening of tourism and the broader economy. The pandemic has damaged businesses and lower-income households, and full recovery remains several years down the road.
Read MoreLegalizing Casino Gaming to Fund Homes for Native Hawaiians
By James Mak Times are hard at the state legislature as lawmakers grapple with the fiscal crisis caused by the COVID-19 pandemic. Several bills to legalize some form of gambling in Hawaii have been introduced this session to generate more tax revenue. Although most have died (a bill to create a state lottery in Hawaii […]
Read MoreReviving Agriculture to Diversify Hawaii’s Economy
Hawaii state policymakers have identified agriculture as a sector capable of substantial expansion as part of the state’s efforts to diversify the economy. Agriculture has, however, been in decline in Hawaii for the last 40 years despite the presence of two state programs designed to keep lands in agriculture (the Important Agricultural Lands (IAL) program) […]
Read MoreAnnual Hawaii Forecast With Global Outlook: Mainland COVID-19 surge means a bleak winter, but vaccines promise 2021 growth
The Hawaii economy began to recover from the COVID-19 downturn by the end of the second quarter, but subsequent global waves of the pandemic have disrupted economic progress. The ongoing mainland virus surge and the State’s tightened quarantine rules will weigh on near-term recovery, while news of coming vaccines fundamentally improves growth prospects for the […]
Read MoreUHERO partnering in Back on the Wave Oʻahu
The City and County of Honolulu and UHERO’s Ruben Juarez have developed a COVID-19 health and safety assessment for businesses in Oʻahu. Businesses, let your customers know that you’re helping Oʻahu get back on the wave, and earn free personal protective equipment and free signage. Customers can access the directory of businesses and safe practices […]
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