Income growth among Hawaii residents slowed in 2012 from 2011, but the growth rate was still better than the nation as a whole, according to a report released today.
Personal income in Hawaii rose by 3.9 percent in 2012 from 2011 the U.S. Bureau of Economic Analysis reported. That was down from a 5.7 percent growth rate in 2011 compared with 2010.
Hawaii’s 2012 increase was larger than the 3.5 percent national average gain, and resulted in Hawaii being ranked 12th among the 50 states. The change in personal income nationally ranged from a 12.4 percent increase in North Dakota to a 0.2 percent decline in South Dakota.
Hawaii personal income on a per capita basis rose to $44,024 in 2012 from $42,925 the year before. The 2012 amount was the 17th highest nationally. Per capita personal income ranged from $58,908 in Connecticut to $33,073 in Mississippi.
The personal income data reported by the BEA are not adjusted for inflation. The state Department of Business, Economic Development and Tourism estimates Hawaii personal incomes rose 1.9 percent last year after inflation is taken into account.
Personal income totaled $61.3 billion in 2012, up $2.3 billion from 2011. Net earnings, which consist of wages and salaries excluding payments for Social Security and other government programs, rose $1.2 billion, or 3.1 percent. Income from dividends, interest and rent rose $747 million, or 7 percent. Transfer receipts, which include government payments, rose $333 million, or 3.5 percent.
The biggest single contributor to the 2012 increase in earnings was pay to hospitality industry workers, which rose $232 million from 2011. Military earnings rose $226 million, and pay to construction workers rose $121 million, according to the report.