Personal incomes of Hawaii residents grew by 0.9 percent in the second quarter, putting the state in the bottom 10 percent nationally, according a report released today.
The second quarter growth slowed from a 1.8 percent increase in the first quarter, the U.S. Bureau of Economic Analysis reported. Nationally, personal income growth decelerated to 1.1 percent in the second quarter from a 2.1 percent gain during the first three months of the year, according to the BEA.
On a dollar basis, Hawaii personal income totaled $59.2 billion in the second quarter at a seasonally adjusted annual rate. Of the three major income categories the biggest increase was in dividends, interest an rent, which grew by $225 million, or 2 percent.
Net earnings, which consists of wages and salaries, rose by $187 million, or 0.5 percent. Transfer receipts, which includes federal stimulus funds and other federal payments to states, rose by $120 million, or 1.3 percent.
The personal income data are not adjusted for inflation.
The state Department of Business, Economic Development and Tourism estimates Hawaii personal income will grow by 3.8 percent this year, but just 0.8 percent after inflation is taken into account.,