|
Hawaii economists have traditionally relied on visitor spending, construction activity, job growth, and unemployment numbers to guide economic strategies. Although these measures are important indicators of Hawaii’s economic health, they don’t take into account what is significant in today’s knowledge-based, technologically advanced global economy.
Hawaii needs to attract and build its own profitable, high-growth industries, which in turn provide higher-paying jobs to Hawaii’s people to build a sustainable economy by the year 2020. Can this be done? The answer is a resounding "YES"!
Act 221
During the 2009 session, Senator Fukunaga (Senate Economic Development & Technology Committee) and Representative McKelvey (House Economic Revitalization, Business and Military Affairs Committee) held several informational briefings on "Act 221" tech tax credits to help educate state legislators and the general public on the costs and benefits of the incentives. However, the adoption of Act 178 substantially restricted the use of Act 221 credits during its final year prior to expiration.
Tech Caucus
As such, Senator Fukunaga and Representative McKelvey convened a Tech Caucus Working Group to bring together industry stakeholders and interested policymakers to develop recommendations for legislation in the "post-Act 221" environment, identify best practices to support growth and development of science/tech industries, and provide a forum to review the current status of Hawaii's science/tech industry.
Working Group members tackled such topics as general financing, enabling environment (business climate), R&D credits, renewable energy technology and creative media. Although most of the measures proposed by the Working Group, did not survive the 2010 legislative session, the 2010 Tech Caucus efforts demonstrated the importance of a unified effort by tech industry advocates, and the length of time it takes to translate new ideas into bills that pass the legislature.
Future Growth
Between 2007-2010, the EDT Committee sought to quantify growth trends in emerging industries through various reports and changes to state laws. This will enable state policymakers to direct support for workforce development, financing and other infrastructure needs to areas of greatest potential growth. Examples of the types of data sought include:
1. Discussion of Digital Gaming Industry Growth in Hawaii (2010) - Ryan Ozawa
2. Innovation and Technology in Hawaii: An Economic and Workforce Profile - Hawaii Science & Technology Council
3. Measuring Economic Diversification in Hawaii - Department of Business, Economic Development, & Tourism, State of Hawaii
4. Hawaii 2050 Sustainability Plan - Sustainability Task Force, State of Hawaii
|
