B. Income & Prices

3rd Quarter 2021 Report

Download Income Data Tables (spreadsheet)

In the first quarter of 2021, total annualized nominal GDP decreased $2,824 million or 3.0 percent, from the first quarter of 2020. In 2020, total annualized nominal GDP decreased $5,888 million or 6.1 percent from the same period of the previous year. In the first quarter of 2021, total annualized real GDP (in chained 2012 dollars) decreased $4,183 million or 5.2 percent from the first quarter of 2020. In 2020, total annualized real GDP decreased $6,609 million or 8.0 percent from the previous year (Tables B-1 to B-3).

Hawaii’s total personal income increased during the first quarter of 2021 over the same quarter of 2020 mainly due to increased personal current transfer receipts.

In the first quarter of 2021, total nominal annualized personal income (i.e. not adjusted for inflation) increased $13,416.9 million or 16.4 percent over that of 2020 (Table B-5). In 2020, total annualized personal income was $86,273.4 million, an increase of 6.9 percent from the previous year.

In the first quarter of 2021, wages and salaries decreased $2,638.2 million or 6.6 percent over that of 2020. In 2020, wages and salaries decreased 7.0 percent from the previous year (Table B-8).

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, decreased $449.4 million or 4.0 percent in the first quarter of 2021 from the same quarter of 2020 (Table B-9). In 2020, supplements to wages and salaries decreased 5.1 percent from the previous year.

Proprietors’ income increased $144.3 million or 2.1 percent in the first quarter of 2021 over that of 2020 (Table B-10). In 2020, proprietors’ income was up 0.2 percent from the previous year.

Dividends, interest, and rent decreased $211.7 million or 1.2 percent in the first quarter of 2021 from the same quarter of 2020. In 2020, income in this category was down 0.4 percent from the previous year (Table B-11).

The annualized personal current transfer receipts grew by $16,211.2 million or 123.7 percent in the first quarter of 2021 from the same quarter of 2020 (Table B-12). In 2020, personal current transfer receipts increased 67.8 percent from the previous year.

Contributions to government social insurance, which is subtracted from total personal income, decreased $360.8 million or 5.4 percent in the first quarter of 2021 compared to the first quarter of 2020. In 2020, contributions to government social insurance decreased 5.6 percent from the previous year (Table B-13).

In the first quarter of 2021, total non-farm private sector annualized earnings decreased $2,974.1 million or 7.2 percent from the first quarter of 2020. In dollar terms, the largest decrease occurred in accommodation and food services; followed by transportation and warehousing; arts, entertainment, and recreation; retail trade; and administration and management services. Increases were seen in health care and social assistance, construction, finance and insurance, and professional, scientific, & technical services. During the first quarter of 2021, total government earnings increased $2.4 million or 0.01 percent from the same quarter of 2020. Earnings from the federal government increased $195.6 million or 2.1 percent. Earnings from the state and local governments decreased $193.2 million or 2.6 percent in the quarter.

In the first half of 2021, Honolulu’s Consumer Price Index for Urban Consumers (CPI-U) increased 2.6 percent from the same period in 2020 (Table B-14). This is 0.8 of a percentage point below the 3.4 percent increase for the U.S. average CPI-U but is higher than the first half of 2020 Honolulu CPI-U increase of 1.6 percent from the same period of the previous year. In the first half of 2021, the Honolulu CPI-U increased the most in Transportation (7.2 percent), followed by Other Goods and Services (4.8 percent), Food and Beverages (4.1 percent), Education and Communication (3.6 percent), and Housing (1.8 percent). The price of Apparel decreased 5.5 percent; and the price of Recreation decreased 0.4 percent compared to the first half of 2020.