CT’s economic growth slows in first quarter, ranks 35th nationally
A map of state GDP growth rates during the first quarter of 2024.
Connecticut’s economy experienced slower growth in the first quarter of 2024 compared to last year, according to new data from the U.S. Bureau of Economic Analysis.
Real GDP grew 0.7% in Connecticut in the first quarter, which ranked the state 35th in the nation. By comparison, the state recorded 3.1% growth in the fourth quarter of 2023, and 2.1% growth for all of last year, BEA data shows.
U.S. first quarter real GDP grew 1.4%, BEA data shows.
Connecticut experienced the second-slowest first quarter growth in New England, ahead of only Maine, which recorded 0.6% growth. Rhode Island led New England with 3% growth.
Nationally, real GDP increased in 39 states and the District of Columbia in the first quarter of 2024, with the percent change ranging from 5% in Idaho to –4.2% in South Dakota.
The finance/insurance industry led growth in Connecticut, expanding by 0.61%. Manufacturing took a hit, with durable goods contracting by 0.55% and nondurable goods shrinking by 0.08%.
Meanwhile, Connecticut’s personal income increased 6.1% in the first quarter, to $323.4 billion, up 2.6% from the fourth quarter of 2023, according to the data. New England averaged 6.3% growth in personal income, BEA data shows.
Nationally, personal income increased by $396.6 billion, or 7% during the first quarter.
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