HONOLULU – The State of Hawai‘i’s Department of Economic Development and Tourism (DBEDT) announced the launch of its Hawaii Defense Economy (HDE) website, which includes updated data, information and resources about Hawai‘i’s second largest economic sector, national defense. Local businesses can utilize the new data tools and information to improve their understanding of Hawai‘i’s military spending and contract trends, as well as access resources to explore and better engage in local defense contracting opportunities.
“A bright spot in Hawai‘i’s economy is the military defense industry, which is a vital economic driver that benefits all four counties,” said Mike McCartney, director of DBEDT. “In 2018, defense spending contributed $7.2 billion to our state’s economy – $4.9 billion in payroll and $2.3 billion in contracts – accounting for 7.7 percent of our GDP. During the current COVID 19 pandemic, defense spending in Hawai‘i has remained stable, sustaining 49,000 local jobs including more than 30,000 through federal contracts awarded to local businesses, statewide. This has helped to buffer some of the negative impact to our economy with the downturn in tourism.”
Updated on a regular basis, the HDE website offers current and comprehensive spending information and economic impact data tools, including: defense spending by state and county; top products and services; industry trends; sub-award growth and flows; and other defense economy analysis reports. In addition to providing customizable data, the website also includes links to small business resources, contract requirement information, and a list of industry partners that offer valuable assistance and information for local businesses interested in learning more about federal military contracts and potential partnership opportunities.
The HDE website is only one component of DBEDT’s Hawaii Defense Economy project. The purpose of the project is to improve the communities’ understanding and support for Hawai‘i’s defense industry, as well as work toward building our state’s economic resiliency. The multi-year, phased project is also anticipated to include technical assistance, workforce development initiatives, and industry diversification resources to further strengthen Hawai‘i’s defense economy and resiliency.
Source: The Garden Island