Lt. Governor Touts Innovation as Economic Solution

“Innovation is the key to bolstering our economy,” Lt. Governor Aiona said before a luncheon crowd of an estimated 300 businesspeople at the Waikiki Beach Marriott Hotel. “Top businesses know that innovation is not only measured in gross sales, but it is also measured in terms of new and improved products, more efficient processes, and doing more with less.”

As a result of the new and innovative approaches Hawai‘i businesses have taken, the foundation of our economy is strong, the Lt. Governor told the luncheon crowd. “In fact, Hawai‘i has been gaining national recognition for its progress,” Lt. Governor Aiona said. “In Forbes Magazine’s 2008 list of best states to do business, Hawai‘i improved 10 spots over last year, from 37th to 27th.” In 2002, Forbes Magazine said doing business in Honolulu was "equivalent to suicide."

Hawai‘i also posted significant gains in the state technology and science index published by the Milken Institute, climbing 11 spots to rank 28th overall in the nation, Lt. Governor said. The institute commended the state for its efforts to improve science, technology, engineering and math education in schools, especially targeting clean energy and life sciences.

And according to the Hawai‘i Science and Technology Council, the state’s high-tech industry grew by 3.3. percent between 2002 and 2007, and is expected to continue growing 50 percent faster than the rest of the state’s economy over the next 10 years, Lt. Governor Aiona said. Citing the U.S. Census, the Lt. Governor said that Hawai‘i was one of only 12 states where poverty declined last year. And median household income rose 3.7 percent to $64,746, he said.

“That is all news we can be proud of,” he said. “Though the foundation of our economy is strong, the rate of economic growth is slowing. But our Administration remains focused on developing innovative ways to maintain public service at the highest level with fewer resources, and without increasing taxes or fees.”