Research & Economic Analysis

In the fourth quarter of 2025, total annualized nominal GDP increased $7,258 million or 6.1 percent, from the same quarter of 2024. In 2025, total annualized nominal GDP increased $6,980 million or 5.9 percent from the previous year. In the fourth quarter of 2025, total annualized real GDP (in chained 2017 dollars) increased $1,625 million or 1.8 percent from the same quarter of 2024. In 2025, total annualized real GDP increased $2,266 million or 2.5 percent from the previous year (Tables B-1 to B-3).

Hawai‘i’s total personal income increased during the fourth quarter of 2025, over the same quarter of 2024. All components of personal income, except unemployment insurance compensation, increased in the fourth quarter of 2025 over the same quarter of the previous year.

In the fourth quarter of 2025, total nominal annualized personal income (i.e. not adjusted for inflation) increased $12,932.4 million or 12.4 percent over that of 2024 (Table B-5). In 2025, total personal income was $109,742.4 million, an increase of $7,038.6 million or 6.9 percent from the previous year reflecting a settlement paid by an electric utility to households to compensate for losses related to the 2023 Maui wildfire. In the fourth quarter of 2025, personal income per capita was $81,846, a 12.7 percent increase over the same quarter of the previous year (Table B-6). In the fourth quarter of 2025, wages and salaries increased $1,870.2 million or 3.8 percent over the same quarter of 2024. In 2025, wages and salaries increased $2,378.2 million or 4.9 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 $729.1 million or 5.2 percent in the fourth quarter of 2025 from the same quarter of 2024 (Table B-9). In 2025, supplements to wages and salaries increased $804.5 million or 5.9 percent from the previous year.

Proprietors’ income increased $245.7 million or 3.0 percent in the fourth quarter of 2025 over that of 2024 (Table B-10). In 2025, proprietors’ income was up $301.8 million or 3.7 percent from the previous year.

Dividends, interest, and rent increased $471.8 million or 2.1 percent in the fourth quarter of 2025 from the same quarter of 2024. In 2025, income in this category was up $677.9 million or 3.0 percent from the previous year (Table B-11).

The annualized personal current transfer receipts increased $9,998.6 million or 54.9 percent in the fourth quarter of 2025 from the same quarter of 2024 (Table B12). The large increase in transfer receipts reflects a settlement paid by an electric utility to households to compensate for losses related to the 2023 Maui wildfire. In 2025, personal current transfer receipts increased $3,333.4 million or 18.4 percent from the previous year.

Contributions to government social insurance, which is subtracted from total personal income, increased $383.2 million or 4.5 percent in the fourth quarter of 2025 compared to the same quarter of 2024. In 2025, these contributions increased $457.2 million or 5.5 percent from the previous year (Table B-13).

In the fourth quarter of 2025, total non-farm private sector annualized earnings increased $2,809.4 million or 3.3 percent from the same quarter of 2024. In dollar terms, the largest increase occurred in Health Care and Social Assistance; followed by Professional, Scientific, and Technical Services, and Accommodation and Food Services. During the fourth quarter of 2025, total government earnings increased $631.0 million or 3.2 percent from the same quarter of 2024. Earnings from the federal government increased $329.1 million. Earnings from the state and local governments increased $302.0 million in the quarter of.

In the second half of 2025, Honolulu’s Consumer Price Index for Urban Consumers (CPI-U) increased 2.3 percent from the same period in 2024 (Table B-14). This is 0.5 percentage points below the 2.8 percent increase for the U.S. CPI-U All Items. It is also lower than the 4.0 percent increase in the Honolulu CPI-U for the second half of 2024 compared to the same period of the previous year. In the second half of 2025, the Honolulu CPI-U increased the most in Food and Beverages (3.8 percent), followed by Recreation (3.3 percent), Medical Care (3.1 percent), Apparel (2.2 percent), Housing (2.1 percent), Transportation (2.0 percent), and Education and Communication (0.7 percent) compared to the second half of 2024.

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