November 15, 2018

Feds: CT economy No. 43 in 2Q growth

HBJ File Photo
HBJ File Photo
Real estate, rental and leasing produced Connecticut's largest GDP increase during the second quarter this year.

Connecticut's economy spurred modest growth during the second quarter this year, but still ranked in the bottom 10 nationally, according to federal officials.

The state's real GDP, which is adjusted for inflation, rose 3.1 percent compared to a 1.1 percent hike in the first quarter, according to U.S. Bureau of Economic Analysis. That ranked No. 43 in the country. By comparison, GDP grew 3.7 percent in New England and 4.2 nationwide in the April-to-June second quarter.

Connecticut trailed New Hampshire (4.6 percent), Massachusetts (4 percent), Vermont and Maine (3.4 percent), and was ahead of Rhode Island (2.8 percent).

GDP measures market value of goods and services produced by labor and properties in each state, BEA says.

Real estate and rental and leasing produced Connecticut's largest GDP increase of 0.74 percent. Professional and scientific services (0.66 percent) and health care and social assistance (0.32 percent) sectors were other drivers for the state's GDP.

Connecticut's second quarter growth ranked behind North Carolina (No. 40), Wyoming (No. 41) and South Carolina (No. 32) and ahead of New York (No. 44), Hawaii (No. 45) and Idaho (No. 46).

GDP growth for the quarter was led by Texas (6 percent), Michigan (5.4 percent) and Missouri (5.1 percent). GDP rose in all 50 states and the District of Columbia in the second quarter, BEA said.

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Read BEA's second quarter report here

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