Hawaii's 2020 Vision

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?  In 2006, the state is well on its way, with some of the key elements of a uniquely Hawaiian set of industries— especially in the areas of life sciences and creative media — taking hold.

For example, the collective efforts of industry professionals, state legislators, and government agencies to build a local creative media industry are finally producing results. 

The 2006 Legislature passed a 15-20% film/TV production tax credit (Act 88) that makes Hawaii cost-competitive with popular production locations throughout the U.S., Asia and the Pacific. The Hawaii Film Studio was reopened in spring 2006, with a second motion picture/TV soundstage and 94,000-gallon water tank for underwater filming.

Equally significantly, the Academy for Creative Media at University of Hawaii , founded by Hawaii’s Chris Lee only two years ago, is now a successful program with over 200 students and 22 course offerings. Hawaii ACM students and Chinese film school students began screening their best videos at the Shanghai International Film Festival and Hawaii International Film Festival in 2006. Hawaii can now become an attractive center for creative collaboration - where local, national, and international producers, writers, filmmakers, video game developers and animators develop extraordinary projects.

Another emerging industry with the potential to produce high-paying jobs is life sciences/biotech.  Hawaii has begun to tap into this industry by investing heavily in the John A. Burns Medical School in Kaka’ako and extending tax credits to generate a bigger pool of local venture capital (Acts 221-215, 2001 and 2005). 

The 2006 Legislature also funded High Tech Development Corporation’s international incubator affiliations and adopted a permanent revenue source for the Cancer Research Corporation of Hawaii (CRCH).  With permanent state funding secured, CRCH can now pursue designation as a specialized cancer research facility similar to the Hutchinson Center in Seattle or M.D. Anderson Center in Texas. 

As advances in life sciences span the globe, Hawaii’s diverse population base makes it an ideal location for clinical trials.  Hawaii already is already the site for more than 540 clinical trial proposals in 2005, which is more than any other state in the country.  By helping bridge East and West treatments used in medicine, healthcare, and a island-style quality of life, Hawaii is ideally suited to take its place as a premier location for specialized medical research and treatment.