Hawaii is a state with a vast economy made up of many industries. The most prominent industries include tourism, military/government, real estate, and agriculture. Not only is the state bustling with tourists, but it is a major military area with bases for the Army, Navy, Marine, Coast Guard, and Air Force. According to Newsmax, Hawaii is “second in the nation for sugar cane production and the first in the nation for pineapple production” (Jones, 2015). The economy of Hawaii has been steadily growing and according to the Department of Business, Economic Development & Tourism, it is expected to continue to grow for the duration of 2016 and 2017.
GSP is the measure of the total value of all goods and services produced within a state during a given time period. The GSP is measured quarterly, in chained dollars. Specifically, in the state of Hawaii, the current level of …show more content…
Of the labor force, only 660,884 people are employed, leaving 23,547 people without jobs. This makes the unemployment rate 3.4 percent for 2016. The unemployment rate has fluctuated between 3.4 and 3.5 percent over the past year, only a 0.1% change between 2015 and 2016 with 136 fewer people unemployed. However, the labor force increased by 6175 people from 2015 to 2016. Although there is evidence of a decrease in unemployment and an increase in population, it is a very small difference. The frequent fluctuations between 3.4% and 3.5% argue more that there is little to no significant change in unemployment. the unemployment rate is very low compared to other states. Most states unemployment ranges from 4.0% to 6.8%, although a few, like Hawaii, do remain below 4.0%. I believe Hawaii has a lower unemployment rate because of the isolation of the state. The flow of the work force is not disrupted by major industry booms or downfalls because the industries do not fluctuate as much, and people are not likely to travel to the state if there were a
GSP is the measure of the total value of all goods and services produced within a state during a given time period. The GSP is measured quarterly, in chained dollars. Specifically, in the state of Hawaii, the current level of …show more content…
Of the labor force, only 660,884 people are employed, leaving 23,547 people without jobs. This makes the unemployment rate 3.4 percent for 2016. The unemployment rate has fluctuated between 3.4 and 3.5 percent over the past year, only a 0.1% change between 2015 and 2016 with 136 fewer people unemployed. However, the labor force increased by 6175 people from 2015 to 2016. Although there is evidence of a decrease in unemployment and an increase in population, it is a very small difference. The frequent fluctuations between 3.4% and 3.5% argue more that there is little to no significant change in unemployment. the unemployment rate is very low compared to other states. Most states unemployment ranges from 4.0% to 6.8%, although a few, like Hawaii, do remain below 4.0%. I believe Hawaii has a lower unemployment rate because of the isolation of the state. The flow of the work force is not disrupted by major industry booms or downfalls because the industries do not fluctuate as much, and people are not likely to travel to the state if there were a