Think About It: Re-Booting Our Economy - KFVE, K5-Hawaii News, Weather and Sports

August 30, 2012

Think About It: Re-Booting Our Economy

As usual, tourism provides the best hopes for continued recovery on the economic front here over the next year. And as usual, there is always talk about the need to find other industries to help us survive the next tourism slump. Because odds are there will be a next tourism slump. Construction projects are picking up a bit on Oahu and the Big Island, but the approval process is always slow, and the upcoming projects will basically make up some of the slack from the past few years.

New forms of tourism and creating more demand for unique agricultural products from Hawaii are possible economic boosts in the not-too-distant future, but there could be hope in the tech world. After all, location is not vital in the digital world, and Hawaii could possibly lure digital start-ups away from Silicon Valley or Seattle with the right products and offers- like living in Hawaii.  There was talk a decade ago about Hawaii aligning with an entity like the Mayo Clinic to provide an east-west merging of medical minds. That concept should be re-explored, if it's not being done already. 

There are island nations all over the world that have found economic niches or drivers beyond tourism, and we should always be looking at outside examples, while at the same time maintaining the very special nature that makes Hawaii unique. We are the most isolated, inhabited land mass on earth, and we need to continue to explore ways to strengthen and reinvent our positions in a challenging economic world. Think about it…

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