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August 19, 2019Cart

Business

by Fairfield County Business Journal
by FCBJ

CT Dept. of Labor report: State’s economic ranking up in 2016

Connecticut ranked 32nd out of the 50 states and the District of Columbia in economic growth in 2016, an improvement from 39th in 2015 and the best performance in six years, according to data from the state Department of Labor.

The department’s State Economic Indexes ranks U.S. states and the District of Columbia in four equally weighted areas: employment levels, wages, unemployment rate and number of business establishments. In 2016, Connecticut ranked 35th in the nation for business establishments, 46th for employment, fourth for wages, and 34th for its unemployment rate.

Colorado ranked first in the nation with the highest index last year, 145.3, while Wyoming came in last at 102.6. Connecticut’s index of 120.5 was below the nationwide value of 124.5.

“Based on the SEI calculations, Connecticut’s move up to 32nd place last year is an encouraging sign,” the report said. “However, with the ongoing state budget crisis, it remains to be seen if our state’s economy will improve by the end of this year.”