DBEDT E-newsletter – June 2024

Aloha kākou,

We are pleased to share the latest updates and accomplishments from the Department of Business, Economic Development & Tourism (DBEDT). The summer has already been notable, marked by significant events and developments that continue to shape Hawai‘i’s economic landscape and cultural heritage.

With the support of Governor Green and First Lady Jaime Green, Hawai’i had the great honor of hosting the 13th Festival of Pacific Arts & Culture (FestPAC) from June 6-16, which brought together approximately 500,000 participants from across the Pacific and beyond to celebrate the rich cultural heritage and vibrant traditions of indigenous Pacific Islanders. Under the theme "Ho‘oulu Lāhui: Regenerating Oceania," the FestPAC provided an extraordinary platform to strengthen cultural bonds and foster greater understanding among our diverse communities.

The Research & Economic Analysis Division (READ) released its 2024 Statistical and Economic Report, revising growth projections to 1.3 percent. This reflects challenges such as decreased visitor arrivals and higher inflation. However, the construction sector remains strong, with a record high of 41,400 workers statewide. The Hawai‘i Digital Economy Survey provided valuable insights from more than 1,000 businesses on digital technology usage, shaping future strategies.

DBEDT’s attached agencies are fostering innovation and economic growth through the Hawai‘i Technology Development Corporation (HTDC) with $5.7 million in grants and $1.8 million for small manufacturers. The state’s sustainability efforts are highlighted by the Hawai‘i Green Business Program, recognizing 40 businesses and events for exemplary energy efficiency. Governor Josh Green has addressed housing challenges with new legislation supporting green infrastructure and solar investments. The Hawai‘i Coastal Zone Management Program continues to lead in balancing coastal resource use and ensuring environmental stewardship.

Lastly, there were a number of businesses in downtown Honolulu and Chinatown that were affected by a days-long power outage last week. Please consider helping these businesses by supporting the shops and eating at the restaurants.

Me ke aloha,
James Kunane Tokioka

Festival of Pacific Arts & Culture

Hawai‘i had the honor of hosting the 13th Festival of Pacific Arts & Culture (FestPAC), which convened on O‘ahu from June 6-16, 2024. The festival attracted upward of 500,000 participants from across the Pacific and beyond for the world’s largest celebration of Indigenous Pacific Islanders. “Ho‘oulu Lāhui: Regenerating Oceania” served as the festival theme as participants had the opportunity to strengthen cultural bonds among Pacific Island communities and foster a greater understanding of their cultures. The primary venues included the Hawai‘i Convention Center, University of Hawai‘i at Mānoa, Capitol Modern, Bishop Museum, and Kualoa Regional Park, as well as other ancillary venues.

Q2 2024 Statistical and Economic Report

DBEDT’s Research & Economic Analysis Division released its second quarter 2024 Statistical and Economic Report earlier this month. In the report, DBEDT revised its economic growth projections for 2024, as measured by the growth of real gross domestic product, downward from 1.5 percent projected in the previous quarter, to 1.3 percent. The forecast for slower economic growth in 2024 is due to several factors including decreased air visitor arrivals and expenditures, higher-than-expected inflation, declines in the civilian labor force, and slower job growth. However, construction remains a bright spot for the economy. The construction industry is currently at a record high of 41,400 workers (not seasonally adjusted) statewide. The full report is available here.

Hawai‘i Digital Economy Survey

To gain a deeper understanding of how local companies utilize digital and broadband technology for their business operations, the Hawai‘i Broadband and Digital Equity Office (HBDEO) recently published its Hawai‘i digital economy survey involving more than 1,000 businesses. The statewide assessment of Hawai‘i’s digital economy was undertaken for the state of Hawai‘i, led by HBDEO in collaboration with the DBEDT Research & Economic Analysis Division. The objectives of this research project were to collect data regarding the practice of the digital economy by Hawai‘i businesses including data that can be used to estimate the size of the digital economy in Hawai‘i and to obtain statistics on business digital activity participation, including characteristics of the labor force and capital usage within the digital economy. To learn more about the digital economy survey results, please visit the HBDEO website at broadband.hawaii.gov/digital-economy-study.

HTDC Allocates Millions in Grants to Diversify Hawai‘i’s Economy

The Hawai‘i Technology Development Corporation (HTDC) has awarded 99 grants totaling $5.7 million in grant funding across a range of programs to promote economic development. HTDC also awarded another 62 grants totaling $1.8 million to support manufacturers. The HTDC Manufacturing Assistance Program provides reimbursements of 20% of what small manufacturers invest in production facilities, up to $100,000.

2023-24 Hawai‘i Green Business Program Recognition

A total of 40 businesses, venues and events are the recipients of the Hawai‘i Green Business Program awards for undertaking energy efficiency and sustainable business practices that will advance Hawai‘i’s clean energy and sustainability goals. The mission of the program is to help businesses go beyond compliance, particularly in the areas of energy conservation, waste reduction, pollution prevention, water conservation, natural resource preservation, cultural preservation, and community involvement. For more information on the Hawai‘i Green Business Program, visit greenbusiness.hawaii.gov.

Governor Green Signs Bills to Address Housing Challenges

Governor Josh Green, M.D., recently signed a series of bills aimed at benefiting condominium owners, associations, and residents throughout the state. One of the key elements of the legislation include HB2801 relating to Commercial Property Assessed Financing (C-PACER), which transitions the administration of the C-PACER program from counties to the Hawai‘i Green Infrastructure Authority (HGIA), allowing condominium associations to be eligible for commercial property assessed financing. This program will leverage private capital to achieve the state’s clean energy and water goals, harden commercial buildings for resilience, and facilitate affordable housing. Another bill signed into law is HB2685 which establishes a Solar Hui Investment program allowing multifamily property owners, including condominium owners, to co-invest in solar + storage systems installed on ALICE rooftops to lower their energy burden.

Hawai‘i Coastal Zone Management Program

The Hawai‘i Coastal Zone Management (CZM) Program, led by the Office of Planning and Sustainable Development (OPSD), aims to balance the many uses of coastal resources throughout the entire state. The program tackles complex resource challenges head-on using a collaborative approach across federal, state, and local levels. From stewardship to policy development, OPSD is committed to upholding environmental laws and finding innovative solutions for a sustainable future. For more information on the state CZM Program and to learn about the latest initiatives, please visit planning.hawaii.gov/czm.

Wildfire & Drought LOOK OUT!

Governor Green proclaimed June as Wildfire & Drought LOOK OUT! month in Hawai‘i. Conceived by the DLNR and the Hawai‘i Wildfire Management Organization, Wildfire & Drought LOOK OUT! is a collaborative multi-agency effort with state, county, and community partners. Everyone is encouraged to visit hwmo.org/lookout to learn more.

For more on DBEDT and its divisions and attached agencies, please visit dbedt.hawaii.gov

Below are links to newsletters from DBEDT’s core divisions, attached agencies and related programs:

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