Connecticut’s personal income growth slowed in the third quarter to one of the lowest rates in the U.S., federal officials say.
For the July-September period, the state ranked 44th nationally in personal income growth at just 2.6 percent, the U.S. Bureau of Economic Analysis (BEA) said Wednesday. That trails the national increase of 3.8 percent, down from 4.4 percent in the second quarter, BEA said.
BEA on Wednesday also sharply revised downward Connecticut’s second-quarter income growth rate from 4.8 percent to 1.9 percent, which fell short of the U.S. revised increase of 4.4 percent.
Despite the modest income growth, Connecticut workers are still among the highest paid in the country as they earned a combined $284 billion in the three-month period.
In the second quarter, the state’s personal income growth ranked second to last in New England, where wages rose 2.3 percent.
Industries that pushed Connecticut’s total wage growth included nondurable goods manufacturing (0.53 percent increase), health care and social assistance (0.35 percent), state and local government (0.31 percent) and educational services (0.26 percent).
Nationally, the change in wage growth in the second quarter ranged from 15.2 percent in South Dakota to 1.9 percent in West Virginia and Wyoming.
