High-Tech Companies Contribute $3 billion to Hawaiian Economy

An upcoming report finds that Hawaiian high-tech industries contributed $3 billion to the state's economy in 2007. Preliminary data released to Pacific Business News by the Hawaii Science and Technology Council indicates that the state is home to almost 2,000 high-tech companies in ten sectors, including biotechnology, aerospace, energy and information technology. The complete report is due later this summer.

Jobs at high-tech firms count for 3.6 percent of the state's total employment. These jobs provide an average annual salary of $69,000, 43 percent higher than the overall average personal income. Public and private tech companies combined created 4,158 new jobs between 2002 and 2007. Private Hawaiian high-tech companies grew at an average annual rate of 3.3 percent during that same period.

A report late last year found that Hawaii's High Technology Business Investment Tax Credit has played a major role in encouraging development in the state (see the November 14, 2007 issue of the SSTI Weekly Digest). Forty-five percent of a sample of high-tech business owners said the controversial credit program played a "major influence" in their decision to grow and expand in Hawaii.

Further research will be made available by the Hawaii Science and Technology Council later this summer at: http://www.hiscitech.org

SSTI will examine the issue of TBED impact analysis in greater depth at our 12th Annual Conference in Cleveland. This panel discussion will feature Rebecca Bagley, Deputy Secretary for the Technology Investment Office of the Pennsylvania Department of Community and Economic Development and Deborah Cummings, Assistant Director of the Technology and Innovation Division of the Ohio Department of Development. These two seasoned practitioners will offer their insight into how to design accurate and relevant impact metrics and how to put this data to work. For more information about the conference, please visit: http://www.ssticonference.org.