Connecticut’s gross domestic product grew 1.6 percent in the third quarter of 2015, according to a report released this morning by the federal Bureau of Economic Analysis.
That growth places the state 35th in the United States. Connecticut’s growth was slightly eclipsed by a national GDP increase of 1.9 percent.
Connecticut’s GDP for the third quarter was approximately $262.2 billion. That’s up from $253.2 billion in the third quarter of 2014.
The strongest growth for Connecticut on a percentage basis came from the retail trade sector at 0.37 percent. Construction also saw growth at 0.24 percent. Wholesale trade fell by 0.34 percent.
New England as a region saw growth of 2 percent. Connecticut was last among the six states, just behind New Hampshire, which was ranked 34th.
Real gross domestic product increased in 47 states and the District of Columbia in the third quarter of 2015. Overall, U.S. real GDP by state growth slowed to an annual rate of 1.9 percent in the third quarter of 2015 after increasing 3.8 percent in the second quarter. Retail trade; health care and social assistance; and agriculture, forestry, fishing, and hunting were the leading contributors to real U.S. economic growth in the third quarter.
South Dakota, the fastest growing state in the nation, grew 9.2 percent in the third quarter of 2015. Agriculture, forestry, fishing, and hunting was the largest contributor to the state’s growth.
