January 24, 2018

CT economy sees 3Q growth spurt

U.S. Bureau of Economic Analysis
U.S. Bureau of Economic Analysis

Connecticut's economy expanded in the third quarter of 2017, better than the nation's growth rate and reversing a decline in the same period a year earlier, new federal data shows.

The state's gross domestic product (GDP) rose 3.9 percent in the third quarter, the U.S. Bureau of Economic Analysis (BEA said Wednesday.

That compares to a dip of 0.6 percent in the year-ago period.

At the same time, Connecticut's GDP beat the national growth rate of 3.4 percent. New England's GDP in the period was 3.8 percent, the BEA said.

Connecticut's finance and insurance sector led the improvement, followed by manufacturing, according to the BEA website.

Finance and insurance increased 14.7 percent nationally and contributed to growth in every state and the District of Columbia. The sector was the leading contributor to growth in seven of the 10 states with the fastest GDP growth led by Delaware, the agency said.

Utilities, construction and nondurable goods growth rates declined in Connecticut, the BEA said.

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