Research & Economic Analysis

In the first quarter of 2025, total annualized nominal GDP increased $5,199 million or 4.6 percent, from the same quarter of 2024. In 2024, total annualized nominal GDP increased $5,362 million or 4.9 percent from the previous year. In the first quarter of 2025, total annualized real GDP (in chained 2017 dollars) increased $1,313 million or 1.5 percent from the same quarter of 2024. In 2024, total annualized real GDP increased $1,666 million or 1.9 percent from the previous year (Tables B-1 to B-3).

Hawai‘i’s total personal income increased during the first quarter of 2025, over the same quarter of 2024; all components of personal income increased over the same quarter of the previous year.

In the first quarter of 2025, total nominal annualized personal income (i.e. not adjusted for inflation) increased $4,360.7 million or 4.4 percent over that of 2024 (Table B-5). In 2024, average personal income was $100,244.5 million, an increase of $5,273.7 million or 5.6 percent from the previous year. In the first quarter of 2025, personal income per capita was $71,247, a 4.3 percent increase over the same quarter of the previous year (Table B-6).

In the first quarter of 2025, wages and salaries increased $2,211.1 million or 4.6 percent over the same quarter of 2024. In 2024, wages and salaries increased $2,832.9 million or 6.2 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 $751.0 million or 5.5 percent in the first quarter of 2025 from the same quarter of 2024 (Table B-9). In 2024, supplements to wages and salaries increased $934.5 million or 7.1 percent from the previous year.

Proprietors’ income increased $254.0 million or 3.3 percent in the first quarter of 2025 over that of 2024 (Table B-10). In 2024, proprietors’ income was up $408.1 million or 5.6 percent from the previous year.

Dividends, interest, and rent increased $443.4 million or 2.2 percent in the first quarter of 2025 from the same quarter of 2024. In 2024, income in this category was up $649.4 million or 3.3 percent from the previous year (Table B-11).

The annualized personal current transfer receipts increased $1,066.5 million or 5.9 percent in the first quarter of 2025 from the same quarter of 2024 (Table B-12). In 2024, personal current transfer receipts increased $858.2 million or 4.9 percent from the previous year.

Contributions to government social insurance (which is subtracted from total personal income) increased $365.3 million or 4.4 percent in the first quarter of 2025 compared to the same quarter of 2024. In 2024, these contributions increased $409.4 million or 5.1 percent from the previous year (Table B-13).

In the first quarter of 2025, total non-farm private sector annualized earnings increased $2,443.7 million or 4.9 percent from the same quarter of 2024 (Table B-4). In dollar terms, the largest increase occurred in health care and social assistance; followed by transportation and warehousing, and construction. During the first quarter of 2025, total government earnings increased $773.0 million or 4.1 percent from the same quarter of 2024. Earnings from the federal government increased $330.9 million. Earnings from the state and local governments increased $442.1 million in the quarter.

In the first half of 2025, Honolulu’s Consumer Price Index for Urban Consumers (CPI-U) increased 2.9 percent from the same period in 2024 (Table B-14). This is 0.3 percentage points above the 2.6 percent increase for the U.S. average CPI-U in the first half of 2025. It is lower than the 4.7 percent increase in the Honolulu CPI-U for the first half of 2024 compared to the same period of the previous year. In the first half of 2025, the Honolulu CPI-U increased the most in Food and Beverages (4.6 percent), followed by Transportation (4.0 percent), Apparel (3.8 percent), Other Goods and Services (3.0 percent), Housing (2.6 percent), Medical Care (2.5 percent), and Recreation (2.2 percent). The Honolulu CPI-U decreased in Education and Communication (1.2 percent) compared to the first half of 2024.