CT’s real GDP grew 4.7% in Q3, just below national average
Real GDP grew 4.7% in Connecticut in the third quarter, according to new data from the Bureau of Economic Analysis.
That was slightly below the national average of 4.9%.
Connecticut’s real GDP accelerated in the third quarter following a lower rate of growth (1.8%) in the second quarter and an average of 2.2% growth in 2022.
Nationally, real GDP grew in 15 of 23 industry groups in the third quarter, with retail trade being the top contributor to growth in 39 states, including Connecticut.
Also, the construction, manufacturing, transportation/warehousing, information and finance/insurance industries contributed to Connecticut’s third quarter growth. Losses occurred in the agriculture, utilities and wholesale trade industries.
Meanwhile, Connecticut’s personal income increased 3.6% in the third quarter, to $1.25 billion, up 2.8% from the second quarter, according to the data. The Nutmeg State’s personal income grew at the highest rate in New England.
Nationally, personal income increased by $195.3 billion, or 3.5%, despite a 2.5% drop in transfer receipts.
Earnings increased in all 50 states and the District of Columbia, resulting in a 5.9% jump nationally.
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