Isle income growth slowed in 2013 | Honolulu Star-Advertiser

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GEORGE F. LEE / GLEE@STARADVERTISER.COM
“I better start digging my hole now to put some money away if I can. You can only absorb that (annual increase) for so long.”

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Incomes of Hawaii residents increased at the slowest pace in three years in 2013, although the pace of growth was faster than the nation as a whole, according to a report released Tuesday.

Personal income in Hawaii rose 2.8 percent in 2013 from 2012, the U.S. Bureau of Economic Analysis reported. That was down from annual growth rates of 3.7 percent in 2012 and 5.6 percent in 2011.

Hawaii’s 2013 increase in personal income was larger than the 2.6 percent national average gain and resulted in Hawaii being ranked 15th highest among the 50 states. The growth rates of personal income nationally ranged from 7.6 percent in North Dakota to 1.5 percent in West Virginia.

Personal income is the sum of all compensation received by an individual, including salaries and wages, dividends and distributions from investments, rental receipts from real estate investments and government payments.

Hawaii personal income on a per-person basis rose to $45,652 in 2013 from $44,767 the year before. The 2013 amount was the 20th highest nationally.

Per-capita personal income last year ranged from $60,847 in Connecticut to $34,478 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 income rose 2.2 percent last year after inflation is taken into account.

Hawaii personal income totaled $64.1 billion in 2013, up $1.8 billion from 2012. Net earnings, which comprise wages and salaries, rose $730 million, or 1.9 percent. Income from dividends, interest and rent rose $551 million, or 4.1 percent. Transfer receipts, which include workers’ compensation, food stamps and other government payments, rose $488 million, or 5.2 percent.

The biggest single contributor to the 2013 increase in earnings by industry was pay to construction workers, which rose $242 million in 2013 from 2012. Visitor industry earnings rose $214 million, and pay to health care workers rose $136 million. Pay to civilian federal workers fell $102 million in 2013 from 2012.