Here we go again… maybe. The Department of Business, Economic Development and Tourism's latest economic projections have been revised downwards from bigger growth projections proffered in May in the areas of jobs and tourism numbers. The new report suggests that while we might still see growth in the near future in those vital areas, the optimism has faded somewhat due, in part, to the continued lethargy of the U.S. and Japanese economies in general.
DBEDT director, Richard Lim, said "We must continue to shift Hawaii's economy to a more independent and sustainable foundation." Sound familiar? It should, as it's the same story that's been told to us by economists, business moguls, professors, and politicians for at least the past 30-years locally. But coming to grips with how to become more self-sufficient and less dependent on the volatile real world outside of Hawaii has always been the real question.
Fifty years ago, sugar, pineapple and seemingly unique agricultural opportunities were seen as great salvations for our economy; not so today. Tourism has been the mainstay of our economic engine for decades, but it ebbs and flows based on world events and issues which are completely out of our control. Military spending is a vital piece of our economy, helped in no small part by the efforts over the years of our senators and representatives in Washington, D.C., and by world events where Hawaii is seen as well-positioned. But what's next? What can we do to better ensure our economic survival and self-sufficiency in the economic rollercoaster that is the 21st century? Those are billion dollar answers that we need to keep searching for. Think about it…
