B. Income & Prices

3rd Quarter 2017 Report

Download Income Data Tables (spreadsheet)

The U.S. Bureau of Economic Analysis (BEA) estimates of quarterly GDP (Table B-1 to B-3) show, in the first quarter of 2017, total annualized nominal GDP increased $2,301 million or 2.8 percent, from the first quarter of 2016.  In 2016, total annualized nominal GDP increased $3,317 million or 4.1 percent from the previous year.  In the first quarter of 2017, total annualized real GDP (in chained 2009 dollar) increased $636 million or 0.9 percent from the first quarter of 2016.  In 2016, total annualized real GDP increased $1,538 million or 2.1 percent from the previous year.

Hawaii’s total personal income increased during the first quarter of 2017 over the same quarter of 2016; all major components of personal income increased in the quarter.  In dollar terms, the largest increases occurred in wages and salaries, followed by dividends, interest, and rent, personal current transfer receipts, supplements to wages and salaries, and proprietors’ income (Table B-4).

In the first quarter of 2017, total nominal annualized personal income (i.e. not adjusted for inflation) increased $2,149.5 million or 3.0 percent over that of 2016 (Table B-5).  In 2016, total annualized personal income was $72,099.6 million, an increase of 4.3 percent from the previous year.

In the first quarter of 2017, wages and salaries increased $858.9 million or 2.4 percent over that of 2016.  This was the 27th consecutive quarterly year-over-year increase since the third quarter of 2010. In 2016, wages and salaries increased 4.5 percent from the previous year (Table B-6).

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 $234.6 million or 2.2 percent in the first quarter of 2017, from the same quarter of 2016 (Table B-7).  In 2016, supplements to wages and salaries increased 4.4 percent from the previous year.

Proprietors’ income increased $224.6 million or 4.4 percent in the first quarter of 2017, over that of 2016 (Table B-8).  In 2016, proprietors’ income was up 5.2 percent from the previous year.

Dividends, interest, and rent increased $542.8 million or 3.8 percent in the first quarter of 2017, from the same quarter of 2016.  In 2016, income in this category was up 2.5 percent from the previous year (Table B-9).

The annualized personal current transfer receipts grew by $442.7 million or 3.9 percent in the first quarter of 2017 from the same quarter of 2016 (Table B-10).  In 2016, personal current transfer receipts increased 5.3 percent from the previous year.

Contributions to government social insurance, which is subtracted from total personal income, increased $154.0 million or 2.6 percent in the first quarter of 2017, compared to the first quarter of 2016. In 2016, contributions to government social insurance increased 4.1 percent from the previous year (Table B-11).

In the first quarter of 2017, total non-farm private sector annualized earnings increased $1,009.3 million or 2.9 percent from the first quarter of 2016.  In dollar terms, the largest increase occurred in accommodation and food services; followed by administrative and waste management services, professional, scientific & technical services, management of companies and enterprises, and retail trade.  During the first quarter of 2017, total government earnings increased $317.7 million or 2.0 percent from the same quarter of 2016.  Earnings from the federal government increased $187.0 million or 2.2 percent.  Earnings from the state and local governments increased $130.7 million or 1.8 percent in the quarter.

In the first half of 2017, Honolulu’s Consumer Price Index for Urban Consumers (CPI-U) increased 2.5 percent from the same period in 2016. (Table B-12).  This is 0.3 of a percentage point above 2.2 percent increase for the U.S. average CPI-U and is higher than the 2016 Honolulu CPI-U increase of 2.0 percent from the previous year.  In the first half of 2017, the Honolulu CPI-U increased the most in Apparel (5.8 percent), followed by Housing (4.1 percent), Transportation (2.9 percent), Medical Care (1.5 percent), Other Goods and Services (1.3 percent), Food and Beverages (1.0 percent), and Recreation (1.0 percent).  The price of Education and Communication decreased 3.6 percent compared to the first half of 2016.