Breaking Business News Hawaii: Innovations and Challenges in the Aloha State
Hawaii has long been known for its tourism industry, but the state has been quietly making strides in other areas. From renewable energy to tech startups, Hawaii is quickly becoming a hub of innovation. However, with any growth come challenges. Here are some of the latest breaking business news in Hawaii, including both innovation and challenges.
Innovation: Renewable Energy
Hawaii is a leader in renewable energy, with over 30% of its electricity coming from renewable sources. The state has a goal of reaching 100% renewable energy by 2045. One of the major innovations in this space is the use of Hawaiian seawater to cool buildings. This process, known as seawater air conditioning, was developed by Honolulu-based company, District Cooling. The technology eliminates the need for traditional air conditioning systems, which are a major contributor to greenhouse gas emissions.
Innovation: Tech Startups
In recent years, Hawaii has seen a surge in tech startups. One of the most successful is aio Digital, which was founded in 1999 and has since become one of the largest and fastest-growing technology and media companies in Hawaii. In 2020, aio Digital launched a new venture, called ‘Greener Hawai’i’, which aims to tackle environmental issues through technology and innovation. Another noteworthy startup is Mana Up, a business accelerator that helps Hawaii-based companies gain exposure and access to resources.
Challenge: Affordable Housing
Despite its booming economy and increasing job opportunities, Hawaii faces a major challenge in affordable housing. The median house price in Hawaii is nearly $700,000, making homeownership out of reach for many working-class residents. Long commutes, overcrowded living conditions, and homelessness are some of the issues that arise when affordable housing is lacking. The state government is working on initiatives such as affordable housing tax credits and partnerships with private developers to address this challenge.
Challenge: Tourism Industry Struggles Amid COVID-19
Tourism is one of the biggest industries in Hawaii, but it has taken a significant hit due to the COVID-19 pandemic. The state saw a 74% decrease in visitors in 2020 compared to the previous year. This has had a ripple effect on other businesses that rely on tourism, such as restaurants and retail shops. The government has implemented measures such as quarantine requirements and testing protocols for visitors to try and keep the industry afloat, but many businesses are struggling.
Conclusion
Hawaii is a state of contrasts when it comes to business news. On one hand, there are exciting innovations and promising startups. On the other hand, there are challenges to be addressed such as affordable housing and the struggling tourism industry. However, the state has shown resilience in the face of difficulties, and with continued innovation and adaptation, Hawaii’s business landscape is sure to flourish.
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