Connecticut’s real personal income growth was just slightly behind the national average in 2014, according to data released Thursday by the federal Bureau of Economic Analysis (BEA).
The report said Connecticut’s rate of growth was 2.8 percent. Real personal income across all regions rose by an average of 2.9 percent in 2014.
BEA said in a statement the growth rate reflects the year-over-year change in nominal personal income across all regions adjusted by the change in the national personal consumption expenditures (PCE) price index.
Growth in real state personal income in 2014 ranged from 4.7 percent in Nevada to 0.4 percent in South Dakota.
BEA also released statistics on regional price parities (RPP), which measure the differences in the price levels of goods and services across states and metropolitan areas for a given year. RPPs are expressed as a percentage of the overall national price level for each year. Connecticut’s RPP was 108.8, the highest in New England. The District of Columbia had an RPP of 118.1.
The highest RPP for a metro area in Connecticut was Bridgeport-Stamford-Norwalk at 120.1. The Hartford-West Hartford-East Hartford metro area had an RPP of 100.8
