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January 13, 2020

CT’s 3Q economic growth on pace with U.S.

HBJ File Photo The Hartford skyline.

Connecticut’s economy kept pace with the national economy in the third quarter of 2019, growing 2.1 percent, according to data released Friday.

That gross domestic product (GDP) growth over the prior quarter was the 25th highest in the country, in the dead middle of all other states.

In New England, Connecticut’s GDP growth was bested by Massachusetts and New Hampshire (both at 2.2 percent) and tied by Maine. Vermont and Rhode Island were lower, at 1.8 percent and 1.6 percent, respectively. Texas saw the fastest growth in the country, at 4 percent.

It was an improvement from the second quarter, in which Connecticut’s 1 percent GDP growth was the fourth lowest among states, but lower than the state’s first-quarter growth of 4.3 percent, which ranked 13th nationally.

GDP is the inflation-adjusted market value of goods and services produced by labor and properties within a geographic area.

David Lehman, commissioner of the Department of Economic and Community Development, said the third-quarter data was good news.

“Connecticut’s third quarter 2019 GDP growth of 2.1 percent, driven in part by strong manufacturing activity, is a big improvement over the one percent realized in the second quarter and an indicator of our economy gaining momentum,” Lehman said in a statement. “The Lamont administration’s ongoing efforts to stabilize state finances and reduce our reliance on debt are critical to continued investment and sustained long-term economic growth.”

So far, it appears likely Connecticut will see more economic growth in 2019 than it did in 2018, but the data are subject to later revisions that can sometimes disappoint.

For example, Connecticut’s economy grew just 0.5 percent in 2018, following a downward revision from 1 percent issued by BEA in Nov. 2019.

Connecticut’s GDP fell 7 percent between 2008 and 2018, while U.S. GDP grew by 19 percent.

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