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September 29, 2023

CT’s 2Q personal income grew 3.7%; ranks 30th in U.S.

By Greg Bordonaro

Personal income in Connecticut grew 3.7% during the second quarter of 2023, ranking the state 30th in overall growth, according to newly released data from the Bureau of Economic Analysis. 

Nationally, personal income grew 4.3% during the quarter, according to the BEA.

Personal income increased in 49 states and the District of Columbia, with the percent change ranging from 6.1% in New York and the District of Columbia, to –2.7% in Maine, BEA data shows. 

In New England, Massachusetts (5.6%), New Hampshire (4.5%) and Rhode Island (4.2%) all had higher personal income growth than Connecticut. 

Personal income in the Nutmeg State increased $2.8 billion during the second quarter to $314.9 billion. Earnings, property income (dividends, interest, and rent), and transfer receipts all contributed to the increase.

The professional, scientific, and technical services sector was the leading contributor to Connecticut's increase in earnings, followed by finance and insurance and health care, BEA data shows.
 

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