Connecticut’s economy experienced slower growth in the first quarter of 2024 compared to last year, according to new data from the U.S. Bureau of Economic Analysis.
Real GDP grew 0.7% in Connecticut in the first quarter, which ranked the state 35th in the nation. By comparison, the state recorded 3.1% growth in the fourth quarter of 2023, and 2.1% growth for all of last year, BEA data shows.
U.S. first quarter real GDP grew 1.4%, BEA data shows.
Connecticut experienced the second-slowest first quarter growth in New England, ahead of only Maine, which recorded 0.6% growth. Rhode Island led New England with 3% growth.
Nationally, real GDP increased in 39 states and the District of Columbia in the first quarter of 2024, with the percent change ranging from 5% in Idaho to –4.2% in South Dakota.
The finance/insurance industry led growth in Connecticut, expanding by 0.61%. Manufacturing took a hit, with durable goods contracting by 0.55% and nondurable goods shrinking by 0.08%.
Meanwhile, Connecticut’s personal income increased 6.1% in the first quarter, to $323.4 billion, up 2.6% from the fourth quarter of 2023, according to the data. New England averaged 6.3% growth in personal income, BEA data shows.
Nationally, personal income increased by $396.6 billion, or 7% during the first quarter.
