Are you in need of industrial bays and buildings for rent in Hawaii? See the listings above and discover the best places for you.Hawaii is a major tourist hotspot known for its stunning landscapes, vibrant culture, and laid-back lifestyle. But there is much more to the Hawaiian economy than just tourism. In fact, Hawaii has a number of thriving industries that support the state's economy.
In terms of labor, the top industry in Hawaii is the service sector, which employs the most people in the state. Other major industries in Hawaii include construction, finance and insurance, retail trade, manufacturing, real estate, transportation and utilities, and government.
In terms of GDP, Hawaii's economy grew by 3.3% in 2019, with the largest contributors being the service sector (21.9%), government (19.2%), and finance and insurance (8.4%). The manufacturing industry also contributed significantly to GDP, accounting for 6.5% of the total.
Economic trends in Hawaii are largely determined by the tourism industry, which accounts for a significant portion of the state's GDP. The pandemic has had a major impact on the tourism industry in Hawaii, with visitor arrivals dropping by nearly 90% in 2020. This has had a major impact on the state's economy, leading to a decline in GDP and job losses.
Hawaii's economy ranks 40th in the US (https://alec.org/wp-content/uploads/2022/04/2022-15th-RSPS-State-Pages_V3_Final_R1.pdf)
with a GDP of $91.9 billion in 2021 (https://fred.stlouisfed.org/series/HINGSP)
. The state is home to the world's largest telescope, the Keck Observatory, and has one the highest median income ($82,199) ranked 9th in the country. (https://www.bankrate.com/personal-finance/median-salary-by-age/#state)
Hawaii is also one of the most expensive states to live in, with an estimated cost of living of 184, compared to the national average of 100 (https://meric.mo.gov/data/cost-living-data-series)
In summary, the main industries in Hawaii include the service sector, construction, finance and insurance, retail trade, manufacturing, real estate, transportation and utilities, and government. Hawaii's economy is largely driven by the tourism industry, although it has experienced a major decline due to the pandemic. The state's economy ranks 40th in the US, with a GDP of $91.9 billion and one of the highest median incomes in the country.