Research & Economic Analysis

1st Quarter 2024 Report

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In the third quarter of 2023, total annualized nominal GDP increased $6,668 million or 6.5 percent, from the third quarter of 2022. In the first three quarters of 2023, total annualized nominal GDP increased $7,677 million or 7.7 percent from the same period of the previous year. In the third quarter of 2023, total annualized real GDP (in chained 2017 dollars) increased $1,780 million or 2.1 percent from the third quarter of 2022. In the first three quarters of 2023, total annualized real GDP increased $1,918 million or 2.3 percent from the same period of the previous year (Tables B-1 to B-3).

Hawaii’s total personal income increased during the third quarter of 2023, over the same quarter of 2022. All components of personal income increased in the third quarter of 2023 over the same quarter of the previous year.

In the third quarter of 2023, total nominal annualized personal income (i.e. not adjusted for inflation) increased $5,033.6 million or 5.6 percent over that of 2022. In the first three quarters of 2023, average personal income was $93,204.5 million, an increase of $5,263.4 million or 6.0 percent from the same period of the previous year (Table B-5). In the third quarter of 2023, personal income per capita was $65,730, a 6.0 percent increase over the same quarter of the previous year (Table B-6).

In the third quarter of 2023, wages and salaries increased $2,933.8 million or 6.8 percent over the same quarter of 2022 (Table B-8). In the first three quarters of 2023, wages and salaries increased $3,118.7 million or 7.4 percent from the same period of the previous year.

Supplements to wages and salaries, consisting of employer payments to retirement plans, private group health insurance plans, private workers compensation plans, and other such benefits, increased $790.9 million or 6.5 percent in the third quarter of 2023 from the same quarter of 2022 (Table B9). In the first three quarters of 2023, supplements to wages and salaries increased $755.0 million or 6.3 percent from the previous year.

Proprietors’ income increased $314.1 million or 4.8 percent in the third quarter of 2023 over that of 2022 (Table B-10). In the first three quarters of 2023, proprietors’ income was up $173.5 million or 2.7 percent from the same period of the previous year.

Dividends, interest, and rent increased $971.0 million or 5.4 percent in the third quarter of 2023 from the same quarter of 2022 (Table B-11). In the first three quarters of 2023, income in this category was up $1,240.2 million or 7.0 percent from the same period of the previous year.

The annualized personal current transfer receipts increased $485.6 million or 2.9 percent in the third quarter of 2023 from the same quarter of 2022 (Table B12). In the first three quarters of 2023, personal current transfer receipts decreased $477.3 million or 2.9 percent from the same period of the previous year.

Contributions to government social insurance, which is subtracted from total personal income, increased $461.8 million or 6.3 percent in the third quarter of 2023 compared to the third quarter of 2022 (Table B-13). In the first three quarters of 2023, these contributions increased $501.2 million or 7.0 percent from the same period of the previous year.

In the third quarter of 2023, total non-farm private sector annualized earnings increased $2,605.1 million or 5.8 percent from the third quarter of 2022. In dollar terms, the largest increase occurred in health care and social assistance, followed by transportation and warehousing; accommodation and food services; other services, except public administration; and professional, scientific, and technical services. During the third quarter of 2023, total government earnings increased $1,405.9 million or 8.3 percent from the same quarter of 2022. Earnings from the federal government increased $797.7 million. Earnings from the state and local governments increased $608.2 million in the quarter.

In the second half of 2023, Honolulu’s Consumer Price Index for Urban Consumers (CPI-U) increased 2.9 percent from the same period in 2022 (Table B-14). This is 0.5 percentage point below the 3.4 percent increase for the U.S. average CPI-U. It is also lower than the 6.3 percent increase in the Honolulu CPI-U for the second half of 2022 compared to the same period of the previous year. In the second half of 2023, the Honolulu CPI-U increased the most in Apparel (13.0 percent), followed by Other Goods and Services (8.3 percent), Recreation (6.7 percent), Medical Care (4.7 percent), Food and Beverages (4.3 percent), Housing (3.1 percent), and Education and Communication (1.2 percent) compared to the second half of 2022. Transportation decreased 2.6 percent in the second half of 2023.