Research & Economic Analysis

3rd Quarter 2023 Report

Download Income Data Tables (spreadsheet)

In the first quarter of 2023, total annualized nominal GDP increased $7,984 million or 8.4 percent, from the same quarter of 2022. In 2022, total annualized nominal GDP increased $7,123 million or 7.8 percent from the previous year. In the first quarter of 2023, total annualized real GDP (in chained 2012 dollars) increased $1,552 million or 2.1 percent from the same quarter of 2022. In 2022, total annualized real GDP increased $871 million or 1.2 percent from the previous year (Tables B-1 to B-3).

Hawaii’s total personal income increased during the first quarter of 2023, over the same quarter of 2022; all components of personal income increased over the same quarter of the previous year.

In the first quarter of 2023, total nominal annualized personal income (i.e. not adjusted for inflation) increased $6,176.1 million or 7.2 percent over that of 2022 (Table B-5). In 2022, average personal income was $88,341.5 million, an increase of $483.8 million or 0.6 percent from the previous year. In the first quarter of 2023, personal income per capita was $64,031, a 7.6 percent increase over the same quarter of the previous year (Table B-6).

In the first quarter of 2023, wages and salaries increased $3,770.0 million or 9.1 percent over the same quarter of 2022. In 2022, wages and salaries increased $3,453.6 million or 8.7 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 $755.8 million or 6.4 percent in the first quarter of 2023 from the same quarter of 2022 (Table B-9). In 2022, supplements to wages and salaries increased $456.9 million or 3.9 percent from the previous year.

Proprietors’ income increased $280.5 million or 4.3 percent in the first quarter of 2023 over that of 2022 (Table B-10). In 2022, proprietors’ income was up $37.0 million or 0.6 percent from the previous year.

Dividends, interest, and rent increased $1,103.3 million or 6.6 percent in the first quarter of 2023 from the same quarter of 2022. In 2022, income in this category was up $768.2 million or 4.7 percent from the previous year (Table B-11).

The annualized personal current transfer receipts increased $898.9 million or 5.6 percent in the first quarter of 2023 from the same quarter of 2022 (Table B-12). In 2022, personal current transfer receipts decreased $3,676.8 million or 18.2 percent from the previous year, reflecting the expiration of COVID-19 assistance.

Contributions to government social insurance (which is subtracted from total personal income) increased $632.4 million or 9.1 percent in the first quarter of 2023 compared to the same quarter of 2022. In 2022, these contributions increased $555.0 million or 8.4 percent from the previous year (Table B-13).

In the first quarter of 2023, total non-farm private sector annualized earnings increased $3,978.7 million or 9.3 percent from the same quarter of 2022 (Table B-4). In dollar terms, the largest increase occurred in accommodation and food services; followed by health care and social assistance, and construction. During the first quarter of 2023, total government earnings increased $790.3 million or 4.6 percent from the same quarter of 2022. Earnings from the federal government increased $366.7 million. Earnings from the state and local governments increased $423.6 million in the quarter.

In the first half of 2023, Honolulu’s Consumer Price Index for Urban Consumers (CPI-U) increased 3.4 percent from the same period in 2022 (Table B-14). This is 1.5 percentage point below the 4.9 percent increase for the U.S. average CPI-U and is lower than the first half of 2022 Honolulu CPI-U increase of 6.7 percent from the same period of the previous year. In the first half of 2023, the Honolulu CPI-U increased the most in Apparel (15.6 percent), followed by Other Goods and Services (10.3 percent), Food and Beverages (4.5 percent), Recreation (4.4 percent), Education and Communication (2.7 percent), Housing (2.2 percent), and Transportation (1.7 percent) compared to the first half of 2022.