Connecticut’s $282 billion economy continued to grow in the first quarter, albeit at a slower rate than all but four U.S. states, according to new federal data.
The state’s gross domestic product (GDP), or the market value of goods and services produced by labor and properties in a state, adjusted for inflation, rose by 2.2 percent percent from Jan. 1 to March 31, according to the U.S. Bureau of Economic Analysis (BEA). Meantime, the country’s GDP on average grew by 3.1 percent during the quarter.
In total, Connecticut’s GDP growth rate ranked No. 45 in the U.S. during the three-month period and tied for last in New England, BEA said Thursday.
GDP rose by an average of 2.5 percent in New England, led by Massachusetts (2.7 percent), New Hampshire and Maine (2.6 percent) and Vermont (2.5 percent). Connecticut and Rhode Island were last with GDP growth of 2.2 percent.
For the quarter, Connecticut’s GDP only grew at a higher percentage than states including Mississippi (No. 47), New Jersey (No. 48), Maryland (No. 49) and Hawaii (No. 50). GDP grew in all states and the District of Columbia ranging from 1.2 percent in Hawaii to 5.2 percent in West Virginia.Â
Connecticut’s first-quarter economic rise was mainly driven by industries including finance and insurance (1.09 percent), retail trade and health care and social assistance (0.45 percent), nondurable goods/manufacturing (0.23 percent) and professional, scientific and technical services (0.19 percent).
Sectors recording the largest dips in GDP were real estate and rental/leasing (-0.22 percent) and government/government enterprises (-0.14 percent).
The state’s GDP growth of 1.8 percent ranked No. 27 in the fourth quarter of 2018 and its increase of 3.3 percent ranked No. 21 in the third quarter last year.
