B. Income & Prices

4th Quarter 2022 Report

Download Income Data Tables (spreadsheet)

In the second quarter of 2022, total annualized nominal GDP increased $6,787 million or 7.5 percent, from the second quarter of 2021. In the first half of 2022, total annualized nominal GDP increased $8,367 million or 9.5 percent from the same period of the previous year. In the second quarter of 2022, total annualized real GDP (in chained 2012 dollars) increased $582 million or 0.8 percent from the second quarter of 2021. In the first half of 2022, total annualized real GDP increased $2,122 million or 2.9 percent from the previous year (Tables B-1 to B-3).

Hawaii’s total personal income increased slightly during the second quarter of 2022, over the same quarter of 2021; decreased personal current transfer receipts offset increased values in other components in the quarter.

In the second quarter of 2022, total nominal annualized personal income (i.e. not adjusted for inflation) increased $114.3 million or 0.1 percent over that of 2021 (Table B-5). In the first half of 2022, average personal income was $86,244.8 million, a decrease of $2,911.9 million or 3.3 percent from the same period of the previous year. In the second quarter of 2022, personal income per capita was $60,458, a 0.7 percent increase over the same quarter of the previous year (Table B-6).

In the second quarter of 2022, wages and salaries increased $2,872.5 million or 7.3 percent over the same quarter of 2021. In the first half of 2022, wages and salaries increased $3,645.2 million or 9.6 percent from the same period of 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 $289.1 million or 2.5 percent in the second quarter of 2022 from the same quarter of 2021 (Table B-9). In the first half of 2022, supplements to wages and salaries increased $383.2 million or 3.3 percent from the previous year.

Proprietors’ income decreased $96.1 million or 1.5 percent in the second quarter of 2022 over that of 2021 (Table B-10). In the first half of 2022, proprietors’ income was up $158.4 million or 2.5 percent from the same period of the previous year.

Dividends, interest, and rent increased $763.2 million or 4.7 percent in the second quarter of 2022 from the same quarter of 2021. In the first half of 2022, income in this category was up $683.5 million or 4.2 percent from the same period of the previous year (Table B-11).

The annualized personal current transfer receipts decreased $3,263.8 million or 16.8 percent in the second quarter of 2022 from the same quarter of 2021 (Table B-12). In the first half of 2022, personal current transfer receipts decreased $7,222.8 million or 30.9 percent from the same period of the previous year.

Contributions to government social insurance (which is subtracted from total personal income, increased $450.6 million or 6.9 percent in the second quarter of 2022 compared to the second quarter of 2021. In the first half of 2022, these contributions increased $559.4 million or 8.7 percent from the same period of the previous year (Table B-13).

In the second quarter of 2022, total non-farm private sector annualized earnings increased $3,070.5 million or 7.7 percent from the second quarter of 2021. In dollar terms, the largest increase occurred in accommodation and food services; followed by transportation and warehousing, and health care and social assistance. During the second quarter of 2022, total government earnings remained about the same from the same quarter of 2021. Earnings from the federal government increased $46.6 million. Earnings from the state and local governments decreased $46.6 million in the quarter.

In the first half of 2022, Honolulu’s Consumer Price Index for Urban Consumers (CPI-U) increased 6.7 percent from the same period in 2021 (Table B-14). This is 1.6 percentage point below the 8.3 percent increase for the U.S. average CPI-U but is higher than the first half of 2021 Honolulu CPI-U increase of 2.6 percent from the same period of the previous year. In the first half of 2022, the Honolulu CPI-U increased the most in Transportation (16.9 percent), followed by Food and Beverages (8.6 percent), Recreation (5.4 percent), Other Goods and Services (4.7 percent), Housing (4.5 percent), Education and Communication (1.3 percent), and Apparel (1.0 percent) compared to the first half of 2021.