STATE ECONOMIC PROFILE
Hawaii Economic Overview
$89.4b
GROSS STATE PRODUCT
Growth Rate 2019-24
State Growth Rank
0.1%
49
1,432,619
POPULATION
Growth Rate 2019-24
State Growth Rank
0.2%
36
141,568
BUSINESSES
Growth Rate 2019-24
State Growth Rank
1.7%
44
Overview of the Hawaii Economy
In 2024, the state of Hawaii has a population of 1,432,619, having grown an annualized 0.2% over the five years to 2024, which ranks it 36th out of all 50 US states by growth rate. Hawaii's gross state product (GSP) in 2024 reached $89.4b, with growth of 0.1% over the 5 years to 2024. Businesses in Hawaii employed a total of 736,023 people in 2024, with average annual employment growth over the past five years of -0.7%. The top three sectors by total employment are Real Estate and Rental and Leasing, Accommodation and Food Services, Healthcare and Social Assistance, while the unemployment rate across the state in 2024 was 3.0%.
What is Hawaii's Gross Domestic Product (GDP)?
In 2024, Hawaii's GDP reached $89.4b, representing an increase of 0.1% from 2023. Hawaii's GDP has grown at an annualized rate of 2.9% over the five years to 2024. Moreover, Hawaii's trailing five-year GDP growth ranks it 49th out of all 50 US states.
State GDP, or Gross State Product, is a measurement of a state's output, or the sum of value added from all industries in the state. It is a common indicator used to track the health of a state's economy.
You can track trends in Hawaii's GDP, and compare them to the national average, using the chart below.
STATE ECONOMIC PROFILE
Hawaii Industry Trends
What are Hawaii's Largest Industries by Revenue?
The largest industries by revenue in Hawaii are Public Schools, Computer Manufacturing and Hotels & Motels, which generated $9.7b, $9.3b and $8.2b in 2024.
STATE ECONOMIC PROFILE
Top Companies in Hawaii
Top 10 Companies Headquartered in Hawaii by Employment
The largest companies by employment in Hawaii are Hawai`i Pacific Health, Hawaiian Electric Industries, Inc. and Kamehameha Schools, which employed 7,199, 3,756 and 3,254 people in 2024.
STATE ECONOMIC PROFILE
Hawaii Sector Statistics
In Hawaii, certain sectors drive a higher share of state GDP and employ more workers than others. However, simply looking at raw numbers doesn't always tell the whole story. Factoring in the current year growth percentage, in addition to the annualized growth percentage over the past five years, will give you a deeper understanding of the economic situation.
What is Hawaii's GDP by Sector?
The Real Estate and Rental and Leasing, Accommodation and Food Services and Healthcare and Social Assistance sectors contributed the most to Hawaii's GDP in 2024, representing a combined 42.8% of state GDP.
GDP trends by sector are an important indicator of which sectors are contributing the most value-add to the state's economy, in addition to how the state economy is evolving over time.
What is Hawaii's Employment by Sector?
The Retail Trade, Accommodation and Food Services and Administration, Business Support and Waste Management Services sectors contributed the most to employment in Hawaii in 2024, representing a combined 36.4% of state employment.
Employment trends by sector are an important indicator of which sectors are growing or contracting most rapidly relative to the state economy as a whole.
STATE ECONOMIC PROFILE
Hawaii Employment Trends
736.0k
EMPLOYMENT
Growth Rate 2019-24
State Growth Rank
-0.0%
33
2.9%
UNEMPLOYMENT
Growth Rate 2019-24
State Growth Rank
2.7%
5
What Employment Trends are Impacting Hawaii?
The state of Hawaii employs 736,023 people in 2024, which ranks it 41st out of all 50 US states. Employment in Hawaii has grown at an annualized rate of -0.0% over the five years to 2024, underperforming the national average of 1.2%. Major sectors by employment in Hawaii include Retail Trade, Accommodation and Food Services and Administration, Business Support and Waste Management Services, which employed 92,931, 92,291 and 82,829 people in 2024, respectively. Hawaii's unemployment rate is 2.9% in 2024, which ranks it 8th out of 50 states. Hawaii's unemployment rate has trended upwards at a rate of 2.7% over the five years to 2024, overperforming the US economy as a whole. Employment trends indicate the degree of tightness or slack in labor markets, in addition to the overall strength of an economy. Faster employment growth typically indicates a strong and growing economy, while lower unemployment tends to imply tightness in labor markets.
You can track unemployment trends in Hawaii, and compare them to the US economy, using the chart below.
$69.3k
PER CAPITA DISPOSABLE INCOME
Growth Rate 2019-24
State Growth Rank
4.1
47
What is Hawaii's Per Capita Disposable Income?
Per capita disposable income, also known as disposable personal income (DPI), is the amount of money that the average person in an economy has available for spending and saving after accounting for income taxes. Hawaii's DPI in 2024 was $69.3k, compared to the US average of $128.6k, which places it 47th out of all 50 US states.
Disposable income is regarded as a key economic indicator as trends in disposable income are indicative of the level of aggregate demand, the state of labor markets and the financial strength of households.
You can track trends in Hawaii's per capita disposable income, and compare it to the US average, using the chart below.
STATE ECONOMIC PROFILE
Hawaii Construction & Building Trends
$396.5tn
NONRESIDENTIAL CONSTRUCTION
Growth Rate 2019-24
State Growth Rank
-17.2%
2
$1.7tn
RESIDENTIAL CONSTRUCTION
Growth Rate 2019-24
State Growth Rank
4.9%
23
3,580
BUILDING PERMITS
Growth Rate 2019-24
State Growth Rank
-4.5%
6
What can construction trends tell you about a state’s economy?
In Hawaii, non-residential construction was $396.5tn in 2024, which ranks it 2nd out of all US states. Residential construction was $1.7tn in 2024, which places Hawaii 23rd in the United States. The number of building permits issued in Hawaii in 2024 was 3,580, representing a -4.5% annualized growth rate between 2019 and 2024.
Trends in the construction sector are important because it creates jobs, income and tax revenue for a state. In addition, construction sector activity impacts other sectors in its supply chain, including manufacturing, wholesaling, warehousing, transportation, and real estate, rental and leasing services. Therefore, construction trends are important indicators of the health of an economy.
You can track trends in the number of building permits issued in Hawaii, and compare it to trends in the number issued in the United States as a whole, using the chart below.
STATE ECONOMIC PROFILE
Hawaii Population Statistics
Which Counties in Hawaii have the Largest Populations?
The counties with the highest populations in Hawaii are Honolulu County, Hawaii County and Kauai County, which had populations of 980,966, 210,784 and 74,122 people in 2024.
STATE ECONOMIC PROFILE
Hawaii Demographics
Education Level Hawaii
Race in Hawaii
Hawaii State Industry Reports
IBISWorld State Industry Reports help you quickly understand how an industry performs at the state level compared with the national level by providing accurate and unbiased industry information with a local focus. Use this collection to:
- Discover key local industry trends
- Identify threats and opportunities at the subnational level
- Inform your business strategies and planning
See our list of 585 Hawaii Industry Reports.
