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Tuesday, April 10, 2018
HTDC Report: After Billions in Tax Credits, Hawaii Tech Sector Still Minuscule
By News Release @ 10:54 PM :: 2306 Views :: Small Business, Tax Credits

LOCAL TECH AND MANUFACTURING COMPANIES CONTRIBUTED MORE THAN $1 BILLION TO HAWAII’S ECONOMY, HTDC ANNUAL SURVEY FINDS

State gained $48.69 million in taxes in 2017

News Release from Hawaii Technology Development Corporation, April 9, 2018

HONOLULU—Local small businesses boosted the state’s economy with an estimated total economic impact of $1.05 billion in 2017, according to the Hawaii Technology Development Corporation (HTDC) Annual Economic Impact Report of companies benefiting from HTDC programs. The economic benefit calculation is based on a multiplier that includes direct revenue, spending by the company, and employees’ spending. The state received $48.69 million in taxes generated.

Approximately 71 percent of the 211 companies completed the survey. The 149 companies that responded — which included all active Manoa Innovation Center/Maui Research & Technology Center tenants, virtual & graduate incubator companies, Neighbor Island Innovation Initiative (NI3) clients and Hawaii Small Business Innovation Research (HSBIR) & Manufacturing Assistance Program (MAP) grant awardees — had an estimated $588.62 million in total revenue, generated $282.1 million in income and provided 3,736 local jobs. The annual survey measures HTDC’s progress toward its 80/80 Initiative, which aims to create 80,000 new jobs paying $80,000 or more by 2030.  (3,736 / 80,000 = 4.7% with 12 years to go--and of course many of these jobs existed before the taxpayer money was given away in this scheme)

The HSBIR grant program provides matching grants, up to 50 percent of funding, to help companies advance innovative products from research to market.

Twenty-nine companies receiving HSBIR funds reported the following economic data points:

Total economic impact: $117.11 million
Total revenue: $61.27 million
State taxes generated: $8.19 million
Local jobs: 379

 

(That's pathetic, but HTDC is giving money away to real companies too.  Here are the numbers from the State's anemic manufacturing sector:)

The MAP program supports Hawaii’s manufacturers by providing reimbursements for qualified expenses, including equipment purchases, employee training, and costs related to improving facilities and processes.

Sixty-nine companies receiving MAP funds reported the following economic data points:

Total economic impact: $876.29 million
Total revenue: $493.88 million
State taxes generated: $38.02 million
Local jobs: 3,018

 

[DO THE MATH:   $61.27 / ($493.88 + $61.27) = 11%]

The return on investment for the state grant programs is (allegedly) $14 in state taxes for every $1 awarded in grants.

The NI3 program provides mentorship support for innovative companies on Kauai and Hawaii Island. Twenty-five companies reported a total economic impact of $50.5 million, total revenue of $28.71 million, and 304 local jobs.

The results above represent only the respondents, therefore, the figures should be viewed as conservative indicators of the overall contribution of companies benefiting from HTDC programs. The Department of Business, Economic Development & Tourism (Research & Analysis Division) performed the impact analysis of the survey results.

# # #

PBN: Tech, manufacturing jobs contributed $1B to Hawaii economy, HTDC says

REALITY: 

Audit: State Gave Away $1B Act 221 Tax Credits Without Verification of Eligibility

Auditor: DoTax allows $2B in Tax Credits Without Checking

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