B. Income & Prices
2nd Quarter 2024 Report
Download Income Data Tables (spreadsheet)
Hawaii’s total personal income increased during the fourth quarter of 2023, over the same quarter of 2022; decreased personal current transfer receipts was more than offset by the increased values in other components of personal income in the quarter.
In the fourth quarter of 2023, total nominal annualized personal income (i.e. not adjusted for inflation) increased $2,520.8 million or 2.7 percent over that of 2022 (Table B-5). In 2023, average personal income was $93,501.1 million, an increase of 4,527.7 million or 5.1 percent from the previous year. In the fourth quarter of 2023, personal income per capita was $65,955, a 3.0 percent increase over the same quarter of the previous year (Table B-6).
In the fourth quarter of 2023, wages and salaries increased $2,083.3 million or 4.7 percent over the same quarter of 2022. In 2023, wages and salaries increased $2,820.2 million or 6.6 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 $469.5 million or 3.8 percent in the fourth quarter of 2023 from the same quarter of 2022 (Table B-9). In 2023, supplements to wages and salaries increased $662.2 million or 5.5 percent from the previous year.
Proprietors’ income increased $386.8 million or 5.9 percent in the fourth quarter of 2023 over that of 2022 (Table B-10). In 2023, proprietors’ income was up $227.1 million or 3.5 percent from the previous year.
Dividends, interest, and rent increased $897.9 million or 4.9 percent in the fourth quarter of 2023 from the same quarter of 2022. In 2023, income in this category was up $1,154.6 million or 6.5 percent from the previous year (Table B-11).
The annualized personal current transfer receipts decreased $995.7 million or 5.6 percent in the fourth quarter of 2023 from the same quarter of 2022 (Table B-12). In 2023, personal current transfer receipts increased $111.8 million or 0.7 percent from the previous year.
Contributions to government social insurance, which is subtracted from total personal income, increased $320.9 million or 4.3 percent in the fourth quarter of 2023 compared to the same quarter of 2022. In 2023, these contributions increased $448.2 million or 6.2 percent from the previous year (Table B-13).
In the fourth quarter of 2023, total non-farm private sector annualized earnings increased $2,979.0 million or 4.7 percent from the same quarter of 2022. In dollar terms, the largest increase occurred in professional, scientific, and technical services; followed by construction, and transportation and warehousing. During the fourth quarter of 2023, total government earnings increased $1,248.6 million or 7.2 percent from the same quarter of 2022. Earnings from the federal government increased $790.1 million. Earnings from the state and local governments increased $458.5 million in the quarter.
In the second half of 2023, Honolulu’s Consumer Price Index for Urban Consumers (CPI-U) increased 2.9 percent from the same period in 2022 (Table B-14). This is 0.5 percentage point below the 3.4 percent increase for the U.S. average CPI-U. It is also lower than the 6.3 percent increase in the Honolulu CPI-U for the second half of 2022 compared to the same period of the previous year. In the second half of 2023, the Honolulu CPI-U increased the most in Apparel (13.0 percent), followed by Other Goods and Services (8.3 percent), Recreation (6.7 percent), Medical Care (4.7 percent), Food and Beverages (4.3 percent), Housing (3.1 percent), and Education and Communication (1.2 percent) compared to the second half of 2022. Transportation decreased 2.6 percent in the second half of 2023.