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October 22, 2019Cart

Business

by Fairfield County Business Journal
by FCBJ

Connecticut’s economy grew by 3.9 percent in third quarter last year

Connecticut’s economy grew by 3.9 percent in the third quarter of 2017, outpacing the nation and showing a marked improvement over the 0.6 percent decrease it recorded in the third quarter of 2016.

That’s according to the U.S. Bureau of Economic Analysis, which reported that all 50 states and the District of Columbia saw increases in gross domestic product for the period. The national rate was 3.4 percent, while New England’s was 3.8 percent. Real GDP by state growth in the third quarter ranged from 5.7 percent in Delaware to 0.5 percent in South Dakota.

Connecticut’s third-quarter 2017 performance was led by the finance and insurance industries, followed by manufacturing.

Gov. Dannel Malloy called the news “a testament to the strength and productivity of our labor force, and the ceaseless tenacity of our business community. We certainly welcome being ranked one of the fastest growing economies in the nation, but do so with a recognition that we must work even harder to fight for every job and continue to grow our economy in the long-term.”