The Garden Island
WASHINGTON, D.C. — The Center for Security Policy released 2011 data last week outlining the economic consequences of mandated sequestration defense budget cuts.
The study, Defense Breakdown Economic Impact Reports, was produced by the nonprofit national security organization. It was created to assist community leaders and citizens in understanding how these defense budget cuts may affect their local businesses and jobs.
The state reports are estimates to show the potential statewide economic impact of defense budget cuts on cities, counties, congressional districts, minority-owned businesses and veteran-owned businesses. Contractor location reports estimate potential job loss based on spending by weapon system, government contracting office, and products and services.
The Hawai‘i summary report notes that defense prime contractors earned more than $2.21 billion in 2011. The report aniticpates revenue losses that could reach $398 million annually.
The report notes there are 431 minority-owned businesses with defense contracts in Hawai‘i. There are 119 small businesses, 121 small disadvantaged, 91 veteran-owned, 33 service-disabled veteran-owned, 17 African American-owned, 21 Hispanic American-owned, 324 Asian-Pacific Islander-owned, and 179 women-owned businesses.
The report advocates against the defense cuts. The complete report is available online at www.forthecommondefense.org.
This article can be read here: http://thegardenisland.com/business/local/business-briefs/article_4b6efd78-b398-11e1-b035-0019bb2963f4.html#ixzz1y9fxVcZ6