Personal income in Hawai'i grew at the fastest rate of any state in the first quarter, according to new data from the U.S. Bureau of Economic Analysis, 0.8%. Hawaii's rise was driven by earnings growth in the federal civilian and military sectors because of first-quarter pay raises as well as some initial hiring for the 2010 Census. The average personal income nationally fell 0.5 percent as earnings in 37 states declined.
When adjusted for inflation, the state's personal income actually declined and is expected to continue to fall during the year. State employees will be furloughed in a measure to cut costs in the state budget, and these will translate to about a 14% salary reduction.
The Department of Business, Economic Development and Tourism has forecast a 1.1 percent drop in real personal income this year that doesn't take into account the proposed furloughs. Without the inflation adjustment, DBEDT is forecasting a modest 0.1 rise in personal income this year.
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