Feds: CT Economy Up 1.8% in 4Q; trails U.S. Average
Hartford Business Journal, May 2, 2019
By Joe Cooper
Connecticut's economy grew for the second consecutive quarter to end 2018, but the state's growth continued to trail U.S. averages, according to new federal data.
The state's gross domestic product (GDP), or the inflation-adjusted market value of goods and services produced by labor and properties, rose 1.8 percent during the fourth quarter, a pace that ranked No. 27 nationally, the U.S. Bureau of Economic Analysis (BEA) reported Wednesday.
The agency said GDP increased in 49 states and Washington D.C. at an average of 2.2 percent. GDP was flat in Delaware.
Connecticut and Massachusetts (which also grew 1.8 percent) had the second highest economic growth in New England during the period, only surpassed slightly by Vermont (1.9 percent increase). Trailing were New Hampshire (1.7 percent), Rhode Island (1.0 percent) and Maine (0.7 percent).
CT ranks ahead back to top
Nationally, Connecticut ranked ahead of Missouri, West Virginia and New Hampshire.
The state's economic gain during the fourth quarter was led by nondurable goods and manufacturing, which increased its GDP by just over half of 1 percent. Other economic drivers were information (0.51 percent) and wholesale trade (0.42 percent).
Connecticut's finance and insurance sectors contributed a 0.51 percent decrease to GDP after leading the state's economic gains during the third quarter. That matched a national trend for those sectors, which recorded a 0.47 percent loss in GDP during the fourth quarter.
In 2018, Connecticut's economy grew by just 1 percent, ranking No. 44 nationally and second to last in New England.
Between 2015 and 2018, Connecticut's GDP grew 2.54 percent.