Honorable Robert Bunda

President of the Senate

Twenty-Second State Legislature

Regular Session of 2003

State of Hawaii

Sir:

Your Committee on Ways and Means, to which was referred S.B. No. 1253, S.D. 1, entitled:

begs leave to report as follows:

The purpose of this measure is to require the Department of Business, Economic Development, and Tourism to track and annually report on new economy indicators in the State.

In particular, this bill requires the Department to track such areas as the number of high-technology jobs, internet domain names registered by Hawaii residents, educational attainment of the workforce, availability of venture capital; and diversification of the economy. The bill further requires the Department to collaborate with higher educational institutions, economists, and other public-private partners to make its new economy indicators available to the widest extent possible.

Your Committee agrees with the intent of this bill and finds that requiring the compilation of economic indicators and data will give policymakers, business leaders, government agencies, and the public objective measurements that are necessary to benchmark Hawaii's progress in transitioning into a globally competitive economy.

As affirmed by the record of votes of the members of your Committee on Ways and Means that is attached to this report, your Committee is in accord with the intent and purpose of S.B. No. 1253, S.D. 1, and recommends that it pass Third Reading.