Connecticut’s economy grew just 0.3% during the first quarter of 2023, compared with a national average of 2%, according to a report from the U.S. Bureau of Economic Analysis.
The data shows that Connecticut’s economy ranked 45th in the United States in terms of its real GDP growth between the fourth quarter of 2022 and the first quarter of 2023. The average growth for New England states was 1.6% during the same time, with Massachusetts seeing the greatest increase (2.5%).
In Connecticut, the sectors that saw the highest contribution to the state’s economic growth were retail trade (0.54 percentage points) and information (0.47 percentage points). The greatest loss was in the finance and insurance sector, with a 1.58 percentage point decline.
Midwestern states saw the highest growth, with North Dakota notching the biggest increase in real GDP at 12.4%. Nebraska ranked No. 2 with 12.3% growth and South Dakota No. 3 with 10.1%.
Connecticut saw 2.4% annual growth in GDP in 2022, according to the BEA, ranking 17th in the nation.
Meanwhile, personal income in Connecticut increased by 5.5% during the first quarter of 2023, according to the data – higher than the 2.7% average for New England, and on par with the 5.1% national average.
Personal income, in current dollars, increased in 48 states and the District of Columbia in the first quarter of 2023, with the percent change ranging from 11.4% in Maine to -1% in Indiana, according to the report.
The data for the first-quarter of 2023 is preliminary.
