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September 29, 2024

CT’s economic growth ranked 30th in 2Q; state economy contracted in 1Q

By Greg Bordonaro

Connecticut’s economy grew at a slower pace in the second quarter than the rest of the nation, and ranked 30th overall, according to new data from the U.S. Bureau of Economic Analysis.

Real GDP grew 2.8% in Connecticut in the second quarter, compared to 3% growth in the U.S.

The BEA also revised its first quarter GDP for Connecticut from a gain of 0.7% to a 0.3% decline. Connecticut has also recorded job losses in two consecutive quarters during July and August. 

Compared to New England states, Connecticut fared better. New England produced 2.2% growth in the second quarter, and only Vermont (3.4%) grew at a faster rate than Connecticut. 

Nationally, real GDP increased in 49 states and the District of Columbia in the second quarter of 2024, with the percent change ranging from 5.9% growth in Idaho to -1.1% in Alaska, according to BEA data.

The finance/insurance industry led growth in Connecticut, expanding by 0.7%. Durable goods manufacturing grew by 0.43%, while health care and social assistance grew by 0.52%.

Meanwhile, Connecticut’s personal income increased 4.1% in the first quarter to $342.1 billion, according to the data. New England averaged 3.5% growth in personal income, BEA data shows.

Nationally, personal income increased by 5.3% during the second quarter.
 

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