B. Income & Prices

3rd Quarter 2019 Report

Download Income Data Tables (spreadsheet)

In the first quarter of 2019, total annualized nominal GDP increased $3,798 million or 4.2 percent, from the first quarter of 2018. In 2018, total annualized nominal GDP increased $2,984 million or 3.4 percent from the previous year. In the first quarter of 2019, total annualized real GDP (in chained 2012 dollars) increased $1,278 million or 1.6 percent from the first quarter of 2018. In 2018, total annualized real GDP increased $801 million or 1.0 percent from the previous year (Table B-1 to B-3).

Hawaii’s total personal income increased during the first quarter of 2019 over the same quarter of 2018; all major components of personal income increased in the quarter. In dollar terms, the largest increases occurred in wages and salaries; followed by personal current transfer receipts, dividends, interest, and rent, supplements to wages and salaries, and proprietors’ income (Table B-4).

In the first quarter of 2019, total nominal annualized personal income (i.e. not adjusted for inflation) increased $2,262.8 million or 2.9 percent over that of 2018 (Table B-5). In 2018, total annualized personal income was $77,535.0 million, an increase of 2.9 percent from the previous year.

In the first quarter of 2019, wages and salaries increased $1,102.4 million or 2.9 percent over that of 2018. This was the 35th consecutive quarterly year-over-year increase since the third quarter of 2010. In 2018, wages and salaries increased 2.5 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, increased $267.4 million or 2.5 percent in the first quarter of 2019, from the same quarter of 2018 (Table B-9). In 2018, supplements to wages and salaries increased 1.7 percent from the previous year.

Proprietors’ income increased $149.3 million or 2.5 percent in the first quarter of 2019, over that of 2018 (Table B-10). In 2018, proprietors’ income was up 4.3 percent from the previous year.

Dividends, interest, and rent increased $464.6 million or 2.8 percent in the first quarter of 2019, from the same quarter of 2018. In 2018, income in this category was up 4.0 percent from the previous year (Table B-11).

The annualized personal current transfer receipts grew by $478.2 million or 4.0 percent in the first quarter of 2019 from the same quarter of 2018 (Table B-12). In 2018, personal current transfer receipts increased 3.1 percent from the previous year.

Contributions to government social insurance, which is subtracted from total personal income, increased $199.1 million or 3.2 percent in the first quarter of 2019, compared to the first quarter of 2018. In 2018, contributions to government social insurance increased 3.0 percent from the previous year (Table B-13).

In the first quarter of 2019, total non-farm private sector annualized earnings increased $991.5 million or 2.6 percent from the first quarter of 2018. In dollar terms, the largest increase occurred in health care and social assistance; followed by administrative & waste management services, information, accommodation and food services, and retail trade. During the first quarter of 2019, total government earnings increased $519.1 million or 3.4 percent from the same quarter of 2018. Earnings from the federal government increased $367.7 million or 4.3 percent. Earnings from the state and local governments increased $151.3 million or 2.2 percent in the quarter (Table B-4).

In the first half of 2019, Honolulu’s Consumer Price Index for Urban Consumers (CPI-U) increased 2.0 percent from the same period in 2018 (Table B-14). This is 0.3 of a percentage point above the 1.7 percent increase for the U.S. average CPI-U but is lower than the second half of 2018 Honolulu CPI-U increase of 2.1 percent from the same period of the previous year. In the first half of 2019, the Honolulu CPI-U increased the most in Recreation (4.2 percent), followed by Housing (3.0 percent), Food and Beverages (2.4 percent), Education and Communication (1.8 percent), and Other Goods and Services (0.8 percent). The price of Apparel decreased 2.8 percent and the price of Transportation decreased 1.3 percent compared to the first half of 2018.