Hawaii hits Top 10 list of income
State’s personal income remains steady
Hawaii's per-capita income growth rate remained steady last year, but nonetheless rose into the top 10 states, according to preliminary statistics from the U.S. Bureau of Economic Analysis.
Hawaii was No. 10 in the U.S., with a per capita income growth rate of 6.0 percent, behind Iowa, Massachusetts and Utah.
Louisiana's per capita income growth rate topped the nation at 9.2 percent, due to a boost by government subsidies in the wake of Hurricane Katrina. New York ranked second, with a per capita income growth rate of 7.6 percent, followed by Mississippi, at 6.7 percent.
Nationally, U.S. personal income grew 6.2 percent in 2007, down from 6.7 percent in 2006. Personal income on average has grown 6.2 percent in the last four years.
That was well ahead of inflation nationwide, which slowed to 2.6 percent in 2007 from 2.8 percent in 2006, according to separate data from the U.S. Bureau of Labor Statistics.
Although inflation in Honolulu also declined, it remained much higher than the national average: 4.8 percent in 2007, versus 5.9 percent in 2006.
Hawaii has risen in the ranking of personal income growth due to the poorer performance of other states in the U.S.
The year before last, Hawaii did not rank among the top 10 states with the highest per capita income growth, even though its rate was the same at 6.0 percent. In 2006, Hawaii ranked No. 13.
The No. 10 rank in 2006 went to Vermont, which recorded a 6.2 percent growth rate. Vermont in 2007 fell to No. 25, with a growth rate of 5.2 percent
Hawaii did not rank among the top nor bottom 10 states for per capita income in 2007, which has remained consistent from 2006.
Connecticut last year led the nation with a per capita income of $54,117, which is 40 percent above the national average. Mississippi had the lowest per capita income of all states, at $28,845, which is 25 percent below the national average.
Nationally, professional services, health care, government and finance contributed the most to personal income growth in both 2006 and 2007. Construction remained flat, however, while real estate earnings declined 2 percent in 2007.
Personal income is defined by the BEA as income received by all persons from all sources, including the sum of net earnings (wages and salary disbursements), place of residence, rental income, personal dividend income, personal interest income and personal current transfer receipts.