Research & Economic Analysis

In the third quarter of 2024, total annualized nominal GDP increased $5,482 million or 4.9 percent, from the third quarter of 2023. In the first three quarters of 2024, total annualized nominal GDP increased $5,364 million or 4.9 percent from the same period of the previous year. In the third quarter of 2024, total annualized real GDP (in chained 2017 dollars) increased $1,881 million or 2.1 percent from the third quarter of 2023. In the first three quarters of 2024, total annualized real GDP increased $1,672 million or 1.9 percent from the same period of the previous year (Tables B-1 to B-3).

Hawai‘i’s total personal income increased during the third quarter of 2024, over the same quarter of 2023. All components of personal income increased in the third quarter of 2024 over the same quarter of the previous year.

In the third quarter of 2024, total nominal annualized personal income (i.e. not adjusted for inflation) increased $5,937.0 million or 6.2 percent over that of 2023. In the first three quarters of 2024, average personal income was $100,197.9 million, an increase of $5,805.2 million or 6.2 percent from the same period of the previous year (Table B-5). In the third quarter of 2024, personal income per capita was $70,833, a 6.5 percent increase over the same quarter of the previous year (Table B-6).

In the third quarter of 2024, wages and salaries increased $3,368.5 million or 7.3 percent over the same quarter of 2023 (Table B-8). In the first three quarters of 2024, wages and salaries increased $3,268.7 million or 7.2 percent from the same period of the previous year.

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 $1,110.6 million or 8.4 percent in the third quarter of 2024 from the same quarter of 2023 (Table B-9). In the first three quarters of 2024, supplements to wages and salaries increased $1,078.5 million or 8.3 percent from the previous year.

Proprietors’ income increased $327.0 million or 4.4 percent in the third quarter of 2024 over that of 2023 (Table B-10). In the first three quarters of 2024, proprietors’ income was up $415.5 million or 5.7 percent from the same period of the previous year.

Dividends, interest, and rent increased $589.8 million or 3.0 percent in the third quarter of 2024 from the same quarter of 2023 (Table B-11). In the first three quarters of 2024, income in this category was up $736.9 million or 3.8 percent from the same period of the previous year.

The annualized personal current transfer receipts increased $1,006.0 million or 5.8 percent in the third quarter of 2024 from the same quarter of 2023 (Table B-12). In the first three quarters of 2024, personal current transfer receipts increased $784.1 million or 4.5 percent from the same period of the previous year.

Contributions to government social insurance, which is subtracted from total personal income, increased $464.9 million or 5.7 percent in the third quarter of 2024 compared to the third quarter of 2023 (Table B-13). In the first three quarters of 2024, these contributions increased $478.5 million or 6.0 percent from the same period of the previous year.

In the third quarter of 2024, total non-farm private sector annualized earnings increased $2,803.1 million or 5.9 percent from the third quarter of 2023. In dollar terms, the largest increase occurred in health care and social assistance, followed by construction; accommodation and food services; professional, scientific, and technical services; and other services, except public administration. During the third quarter of 2024, total government earnings increased $2,002.6 million or 10.8 percent from the same quarter of 2023. Earnings from the federal government increased $656.6 million. Earnings from the state and local governments increased $1,346.0 million in the quarter.

In the second half of 2024, Honolulu’s Consumer Price Index for Urban Consumers (CPI-U) increased 4.0 percent from the same period in 2023 (Table B-14). This is 1.3 percentage points higher than the 2.7 percent increase for the U.S. average CPI-U. It is also higher than the 2.9 percent increase in the Honolulu CPI-U for the second half of 2023 compared to the same period of the previous year. In the second half of 2024, the Honolulu CPI-U increased the most in Housing (6.2 percent), followed by Apparel (4.5 percent), Food and Beverages (3.4 percent), Recreation (3.3 percent), Medical Care (1.3 percent), Transportation (1.2 percent), and Other Goods and Services (0.04 percent). The Honolulu CPI-U in Education and Communication decreased 1.4 percent compared to the second half of 2023.