Economic Development of Hawaii :: Economics Business Essays

Economic Development of hullo Hawaii, with an area of 28,313 sq. km (10,932 sq. mi.), is the 43rd tremendousst state in the U.S. 6.9% of the land is owned by thefederal government. It consists mainly of the Hawaiian Islands, eightmain islands and 124 islets, reefs, and shoals. The study islands inorder of size are Hawaii, Maui, Oahu, Kauai, Molokai, Lanai, Nihau,and Kahoolawe. Population growth has increase by 80,000 persons overthe past five years. Demographics show a large rate of Hispanicorigin Asian Hispanics are the most inhabit with white Hispanicand Asian non-Hispanic following. Hawaiis miserliness has been longdominated by plantation agriculture and military spending. Asagriculture has declined in importance, the economy has diversified toencompass a large tourist business and a growing manufacturingindustry. Hawaiis economy has changed drastically since statehood. In 1958, defense, sugar, and pineapple were the primary scotchactivities, account ing for 40% of Gross State Product (GSP). Incontrast, visitor-related expenditures stood at dependable over 4% ofHawaiis GSP prior to statehood. Today the positions are reversedsugar and pineapple constitute about 1% of GSP, defense accounts forjust under 11%, while visitor-related spending comes close to 24% ofHawaiis GSP. The exercise toward a service- and trade-based economy becomes even more apparent when considering the distribution of Hawaiis jobs crossways sectors. The share of the economys jobs accounted for bymanufacturing and agriculture take on declined steadily since 1959 andeach soon makes up less than 4% of total jobs in the economy. Atthe identical time, the shares of jobs in wholesale and retail trade and inservices have risen, standing at about 23% and 28%, respectively.Since 1991, Hawaiis economy has suffered from uphill rates ofunemployment. This stands in marked contrast to the period 1980 to1993, when the state enjoyed in truth low unemployment rates relative tothe nation as a whole. just now by 1994 the recession had raised Hawaiisunemployment rate to the national average (6.1%) for the first gear time in 15years. In 1995, the states unemployment rate improved slimly in thefirst eleven months of the year to 5.4 percent, a 0.6 percentage fatedecline from the first eleven months of 1994. Despite the lowerunemployment rate, the total number of wage and salary jobs declined by0.6 percent during the first eleven months of 1995. This was delinquent in part