November 6, 2018

Report: CT ranks 39th for economic vitality

Connecticut ranked 39th among states in the most recent update of State Economic Indexes (SEI) for 2017. That's up one ladder rung from 2016, when the Nutmeg State ranked No. 40.

Connecticut also ranked sixth among the six New England states, which were paced by Rhode Island (followed closely by Maine) in terms of economic activity measures for 2017.

The SEI provides a snapshot of the overall economic vitality of the 50 states (and District of Columbia). In includes number of business establishments, employment and real wages.

In growth rate of business establishments, Connecticut ranked in the middle of the pack (No. 25) in 2017. For the year the highest business growth rates were posted by Missouri, Montana and Idaho.

Connecticut was near the bottom of the barrel (No. 44) in employment growth for 2017, but was not among the five states that actually lost jobs during the year.

Not surprising given its status as a high-income, high-cost state, Connecticut posted the nation's fourth-highest average annual wages for 2017: $65,228, following New York ($69,035) and Massachusetts ($68,452). Top-ranking District of Columbia's figure of $90,583 is heavily skewed by its preponderance of high-wage government employment.

In terms of employment, Connecticut's 4.7-percent jobless rate was above the 2017 national average of 4.4 percent. Among New England states, New Hampshire posted the lowest unemployment figure (2.7 percent) for the year.

For the third year running, Colorado (SEI value of 165.7) finished atop the overall SEI nationally, while the lowest ranking was posted by Alaska (105.9). Connecticut's index of 128.7 was below the nationwide average of 139.1.

Contact Michael C. Bingham at mbingham@newhavenbiz.com

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