Economy of Hawaii - Economy

Economy

See also: Hawaii locations by per capita income

The history of Hawaii can be traced through a succession of dominant industries: sandalwood, whaling, sugarcane (see Sugar plantations in Hawaii), pineapple, military, tourism, and education. Since statehood in 1959, tourism has been the largest industry, contributing 24.3% of the Gross State Product (GSP) in 1997, despite efforts to diversify. The gross output for the state in 2003 was US$47 billion; per capita income for Hawaii residents was US$30,441.

Hawaiian exports include food and apparel. These industries play a small role in the Hawaiian economy, however, due to the considerable shipping distance to viable markets, such as the West Coast of the United States. Food exports include coffee (see coffee production in Hawaii), macadamia nuts, pineapple, livestock, and sugarcane. Agricultural sales for 2002, according to the Hawaii Agricultural Statistics Service, were US$370.9 million from diversified agriculture, US$100.6 million from pineapple, and US$64.3 million from sugarcane.

Hawaii was one of the few states to control gasoline prices through a Gas Cap Law. Since oil company profits in Hawaii compared to the mainland U.S. were under scrutiny, the law tied local gasoline prices to those of the mainland. It took effect in September 2005 amid price fluctuations caused by Hurricane Katrina, but was suspended in April 2006.

As of January 2010, the state's unemployment rate was 6.9%.

In 2009, the United States military spent $12.2 billion in Hawaii, accounting for 18% of spending in the state for that year. 75,000 United States Department of Defense personnel reside in Hawaii.

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