Connecticut’s economic growth slowed during the fourth quarter of 2024 and ranked 41st overall in the U.S., according to new data from the U.S. Bureau of Economic Analysis.
Connecticut’s economy grew at a 1.8% annualized pace in the fourth quarter, compared to 2.4% growth nationally, BEA data shows. Connecticut’s economy grew by 3% in the third quarter of last year.Â
For all of 2024, Connecticut’s GDP grew 2.6%, which ranked 23rd in the nation.
GDP is the market value of goods and services produced by the labor and property located in a state, and is considered the most comprehensive measure of economic activity.
During the fourth quarter, every New England state except Vermont (0.6%) grew at a faster pace than Connecticut. New England’s fourth quarter GDP grew 1.9% overall.Â
Nationally, fourth quarter real GDP increased in 48 states and the District of Columbia, with the percent change ranging from 5.1% in Arkansas to 0.6% in Vermont, BLS data shows.Â
The finance and insurance sector led fourth-quarter growth in Connecticut, expanding by 0.41%, followed by the real estate and rental and leasing sectors (0.4% growth) and the scientific and technical services sector, which grew by 0.32%.Â
The information sector saw the biggest contraction in Connecticut at -0.17%, followed by state and local governments and the company management sectors, which both contracted by 0.11%, BEA data shows.Â
Meanwhile, Connecticut’s personal income increased 3.9% in the fourth quarter to $346.8 billion, which ranked 43rd in the nation, according to the data. New England averaged 4.3% growth in personal income, BEA data shows.
Nationally, personal income increased by 4.6% during the fourth quarter.
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