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December 23, 2020

CT 3Q GDP surges from pandemic low point

PHOTO | HBJ File The Hartford skyline
By Liese Klein

A rise in healthcare spending, social assistance and a partial recovery in the manufacturing and hospitality sectors helped Connecticut boost its gross domestic product in the third quarter by nearly 33%, erasing losses incurred in the previous quarter.

The state’s GDP for the third quarter was $283.6 billion, up from $262.7 billion in the second quarter,  according to the U.S. Bureau of Economic Analysis, which provides annualized seasonally adjusted growth rates for quarterly GDP.

The growth here was the 32nd highest in the U.S. 

Despite the rebound, Connecticut’s economy still remains down by about 1.7% from a year ago, when third-quarter GDP was $288.5 billion.

Every state showed recovery in their GDP in the third quarter compared to the second quarter, with increases ranging from 52.2% in Nevada to 19.2% in Washington, D.C.

Connecticut’s economy shrunk 31.1% in the second quarter of 2020 as coronavirus-related shut downs wreaked economic havoc on all 50 U.S. states during the early summer.

 

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