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December 20, 2024

CT economy grew 3% in 3Q

By Greg Bordonaro

Connecticut’s economy grew at a 3% annualized pace during the third quarter of this year, slightly below the U.S. average and ranking 26th overall, according to new data from the U.S. Bureau of Economic Analysis.

Real GDP grew 3.1% in the U.S. in the third quarter, BEA data shows. Connecticut’s economy grew by 2.8% in the second quarter of this year. 

GDP is the market value of goods and services produced by the labor and property located in a state, and is considered the most comprehensive measure of economic activity.

During the third quarter, every New England state except Massachusetts (2.3%) grew at a faster pace than Connecticut. On the positive side, the Nutmeg State has grown faster than Massachusetts in the third and second quarters of this year. 

Nationally, third quarter real GDP increased in 46 states and the District of Columbia, with the percent change ranging from 6.9% in Arkansas to -2.3% in North Dakota, BLS data shows. 

The retail trade industry led third-quarter growth in Connecticut, expanding by 0.98%. The information sector grew by 0.52% while healthcare and social assistance grew by 0.38%. 

The administrative and support/waste management/remediation services sector saw the biggest contraction in Connecticut at -0.15%. The utilities, construction and federal/state/local government sectors also contracted. 

Meanwhile, Connecticut’s personal income increased 2.9% in the third quarter, to $343.8 billion, which ranked 32nd in the nation, according to the data. New England averaged 2.5% growth in personal income, BEA data shows.

Nationally, personal income increased by 3.2% during the third quarter.
 

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