The Native Hawaiian Chamber of Commerce (NHCC) conducted its Q4 and Year-End 2024 Economic Survey to assess business sentiment, workforce challenges, access to capital, and AI adoption among its members. This article examines key trends, providing insights into the economic conditions faced by Native Hawaiian businesses in 2024. The results shed light on ongoing challenges, emerging opportunities, and the overall outlook for the coming year.
Economic Sentiment in Q4
As we closed out 2024, NHCC members reported a mixed economic outlook for the fourth quarter. Nearly half (46.2%) stated that the economy remained the same as in 2023, while 23.1% believed the economy was stable but stronger than in 2019. However, concerns remain, with 30.8% of respondents saying the economy worsened compared to previous years.
Overall Economic Sentiment for 2024
Looking at 2024 as a whole, members remained divided in their assessment of the economy. While 38.5% believed the economy was on par with 2023 but stronger than 2019, another 38.5% reported no change compared to 2023. And 23.1% felt the economy worsened. These findings suggest a period of economic stagnation, with businesses neither experiencing significant growth nor severe decline.
Workforce Challenges: Finding Talent in a Tight Labor Market
One of the most pressing issues reported was the difficulty in finding qualified employees. Nearly 54% of businesses struggled to find qualified candidates, a consistent trend. Only a small percentage of businesses reported finding some qualified candidates in 2024. This labor shortage underscores the need for workforce development programs and better job training opportunities for Native Hawaiians.
Access to Capital: A Continuing Challenge
Securing funding remained difficult for many Native Hawaiian businesses. In 2024 overall, 23.1% of respondents found gaining access to capital more difficult but in Q4 alone, it was 30.8%. This is a concerning trend, as capital access is critical for small businesses looking to expand, invest in technology, or hire new employees – suggesting that many businesses are self-sustaining or not actively seeking loans or investments.
AI Adoption: A Growing Trend?
Artificial Intelligence (AI) adoption among Native Hawaiian businesses showed mixed results. In Q4, 46.2% of businesses incorporated AI into their operations, indicating a growing interest in automation and data-driven decision-making. However, by the end of 2024, this number dropped to 30.8%, showing a slowdown in AI adoption. This suggests that while businesses are interested in AI, barriers such as cost (AI is free, $20 month or $200 month depending on need). I believe, however, that it is more likely a lack of awareness or resistance to change which may be slowing full implementation.
Conclusion
The findings from NHCC’s Q4 and Year-End 2024 Economic Survey reveal both stability and persistent challenges within the Native Hawaiian business community. While the economy remained relatively stable, businesses continue to face workforce shortages, capital access constraints, and hurdles in AI adoption. Moving forward, NHCC will use this data to continue to provide better workforce training, increased funding opportunities, and AI education resources to support our members’ success through our initiative, Project Hoʻomana. Here’s to a strong 2025!
If you have question, please email: andrew@nativehawaiianchamberofcommerce.org.
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