Connecticut’s economy grew 5.2 percent from 2010 to 2014 with some towns far outpacing that growth, according to a new Connecticut Town Economic Index (CTEI) created by the state Department of Labor.
Based on DOL’s research, North Stonington has been identified as having the strongest economic growth at 25.8 percent from 2010 to 2014. The other fast growing municipalities are: Kent (+24.9 percent), Hampton (+22.4 percent), Lyme (20.8 percent), and Rocky Hill (20.5 percent).
The CTEI is a measure of a municipality’s overall economic health based on four indicators: total covered business establishments, total covered employment, real covered wages, and the unemployment rate. The report says the first three indicators are proxies for each town’s business activities and economic strength. The fourth indicator shows residents’ economic health.
Stamford had the healthiest economic growth from 2010 to 2014 at 13.2 percent. Both it and New Haven grew above the statewide economic recovery rate of 10.7 percent. All together, 60 percent of Connecticut municipalities saw growth above that rate in the four-year period.
Colebrook is the worst town in the state when it comes to economic recovery. The small Northwestern municipality saw its economic growth decline 7.9 percent from 2010 to 2014. Other towns and cities showing negative growth were: Warren (-2.8 percent), Union (-2.4 percent), Norfolk (-1.2 percent), and New London (-1.0 percent).
The research showed New Haven having the fastest overall economic recovery in 2014 among cities in Connecticut with population over 100,000. Its growth rate of 6.6 percent topped the statewide rate of 5.2 percent. Waterbury had the lowest growth among the state’s top 5 cities at 3.9 percent.
