In the first quarter of 2024, we launched a new initiative to gather insights on how economic conditions are impacting Native Hawaiian businesses and owners. With your feedback, we aim to shape effective programs and advocacy efforts for our members.

Overview

In Q2 2024, we continued this important initiative with our second survey. Members responded with their views on economic sentiment, hiring challenges, access to capital, and, for the first time, AI adoption. Your responses help us build a clearer picture of the state of Native Hawaiian commerce and guide the Chamber in providing the right support to help businesses thrive.

Key Findings

1. Economic Sentiment: Mixed but Stable

• 46.2% of respondents rated the economy as the same compared to 2023, a stable result compared to Q1.
• 15.4% believe the economy is stronger, while the same percentage noted a decline.

2. Hiring Challenges: A Growing Concern

• 38.5% of members reported difficulty finding qualified candidates, a notable increase from Q1.

3. Access to Capital: A Persistent Challenge

• While 23.1% of respondents found access to capital more difficult in Q2, the majority (38.5%) noted no change in difficulty.

4. AI Adoption: An Emerging Trend

• Responses indicate a growing interest in AI technology, with members expressing both excitement and caution. Some fear job displacement, while others see potential for improving business operations.

Member Feedback

Several members provided additional feedback, expressing concerns about Hawai‘i’s reliance on tourism and military contracts, the high cost of living, and how businesses can pivot to adopt remote work and AI technologies.

Looking Ahead

These insights highlight the resilience of Native Hawaiian businesses and the challenges they face. The Chamber is committed to using this data to drive meaningful support for our members.

Mahalo to all who participated in the survey. Your voice is essential in shaping the future of our community.

For more details or questions, please contact us at andrew@nativehawaiianchamberofcommerce.org.