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October 15, 2019Cart


by Fairfield County Business Journal

CT’s economy rose by 3.3 percent in the 3rd quarter of 2018

Connecticut’s gross domestic product grew by 3.3 percent in the third quarter of 2018, slightly less than the nation’s 3.4 percent growth during the same period, according to just-released data from the U.S. Bureau of Economic Analysis.

The New England region also recorded 3.3 percent growth from July 1 to Sept. 30, led by New Hampshire at 3.7 percent and Massachusetts at 3.5 percent. Rhode Island posted an increase of 2.9 percent, followed by Maine at 2.6 percent and Vermont at 2.2 percent. Neighboring New York realized a 2.8 percent growth for the period.

Connecticut’s GDP growth, which was the 21st highest in the nation, was led by the finance and insurance sectors, which recorded a GDP increase of 0.64 percent. Nondurable goods and manufacturing (0.46 percent), information (0.38 percent) and wholesale trade (0.37 percent) sectors were also factors in the state’s GDP growth, followed by retail trade (0.27 percent), construction (0.18 percent) and durable goods manufacturing (0.11 percent).

The state’s GDP grew by 3.1 percent and 1.1 percent in the second and first quarters of 2018, respectively.

GDP increased in 49 states and the District of Columbia, with only West Virginia showing 0 percent growth. The best-performing state was Washington, which posted a 5.8 percent GDP increase.