Select an option below to continue reading this premium story.
Already a Honolulu Star-Advertiser subscriber? Log in now to continue reading.
Honolulu residents saw their incomes rebound last year, but the size of the gain was in the bottom third of metropolitan areas nationwide, a federal agency reported Tuesday.
Personal incomes in Honolulu rose by an average of 2.4 percent in 2010 from 2009, the Bureau of Economic Analysis reported. That was up from a 0.3 percent increase in 2009 from 2008.
The 2010 increase ranked Honolulu 259th out of 366 metro areas surveyed by the BEA. Nationally, personal income rose by an average of 2.9 percent in 2010 after falling 1.9 percent in 2009.
The personal income data reported by the agency do not account for inflation. After adjusting for Honolulu’s 1.7 percent inflation rate last year, personal income rose by 0.7 percent.
Personal income in Honolulu totaled $42.28 billion in 2010, up $991 million from 2009. Of the three major income categories, the biggest increase on a percentage basis was in transfer receipts, which include unemployment insurance and other government payments. Transfer receipts grew by $406 million, or 7.3 percent.
Net earnings, which exclude payments from government programs, rose by $491 million, or 1.7 percent. Income from dividends, interest and rental properties rose by $94 million, or 1.3 percent.
The state Department of Business, Economic Development and Tourism is forecasting personal income to rise by 3.6 percent this year and by 4 percent in 2012 before adjusting for inflation.