Connecticut’s economy grew 0.8% during the second quarter of 2023, compared with a national average of 2.1%, according to a new report from the U.S. Bureau of Economic Analysis.
The data shows that Connecticut’s economy ranked 35th in the U.S. in terms of its second quarter real GDP growth. The average growth for New England states was 1.8% during the same time, with Massachusetts seeing the greatest increase (2.9%).
Connecticut recorded the second-largest GDP growth in New England during the second quarter.
The BEA also revised downward its estimate for Connecticut’s first quarter GDP growth from 0.3% to 0.2%.
In 2022, Connecticut recorded 2.9% GDP growth, according to BEA.
In Connecticut, the sectors that saw the highest second-quarter growth were utilities (0.76%), professional, scientific, and technical services (0.51%) and durable goods manufacturing (0.42%). The greatest loss for the second consecutive quarter was in the finance and insurance sector, with a 0.36% decline.
Nationally, real GDP increased in 44 states and the District of Columbia in the second quarter, with the percent change ranging from 8.7% in Wyoming to -1.9% in Vermont, according to the BEA.
