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August 17, 2019Cart

Business

by Fairfield County Business Journal
by FCBJ

CT GDP shows encouraging signs of growth, but still lags region and nation

Connecticut’s economy grew by a 2.2% annual rate in the first quarter of the year – up from 1.8% in the fourth quarter of 2018 but still lagging most of the rest of New England and the U.S. economy.

According to the U.S. Bureau of Economic Analysis, Connecticut’s gross domestic product (GDP) stood at $282 billion at the end of March 31, placing it 45th among all states. Massachusetts led the region with $581.7 billion (2.7%), followed by Maine and New Hampshire ($66 billion and $87 billion, respectively, both 2.6%), Vermont ($34.5 billion, 2.5%) and Rhode Island ($61.9 billion, 2.2%).

The top-performing sectors of Connecticut’s economy were retail and nondurable manufacturing.

GDP grew in all 50 states and Washington, D.C., in the first quarter. West Virginia saw the highest rate of growth with 5.2%, with Hawaii coming in last at 1.2%.

The $21 trillion U.S. economy grew 3.1 percent in the first quarter.

Meanwhile, Connecticut is one of just three states – along with West Virginia and Wyoming – whose workforce has shrunk since the Great Recession in 2008, according to the U.S. Bureau of Labor Statistics. The workforce in the state has decreased by 1.5%, or about 25,000, to stand at 1.69 million as of June 2019.