Connecticut saw little economic growth in the fourth quarter of 2022, but the state fared much better overall for the full year, ranking in the top 20 nationally for annual Gross Domestic Product growth.
Connecticut’s GDP — or the market value of goods and services produced by the labor and property located in a state — grew 0.1% in the fourth quarter of 2022, ranking 46th in the country, according to data released by the U.S. Bureau of Economic Analysis (BEA).
But for all of last year, the state’s economy grew 2.4%, ranking 17th in the nation.
Meantime, personal income in the state grew 2.6%, ranking Connecticut 27th in the nation. However, the state’s per-capita income of $84,972 ranked No. 1 in the nation, according to BEA data.
Real GDP increased in 46 states and the District of Columbia in the fourth quarter of 2022, with the percent change ranging from 7% in Texas to -4.3% in South Dakota, according to BEA.
In the fourth quarter of 2022, real GDP for the nation increased at an annual rate of 2.6%; growth occurred in 16 of the 23 industry groups that BEA tracks.
Professional, scientific, and technical services; retail trade; durable goods manufacturing; and mining were the leading contributors to the increase in real GDP nationally.
