Connecticut’s economy continued to regain its footing during the third quarter of 2018, although the state’s growth rate slightly trailed the national average, new federal data show.
The state’s gross domestic product (GDP), or the market value of goods and services produced by labor and properties in each state, adjusted for inflation, climbed 3.3 percent from July 1 to Sept. 30, according to the U.S. Bureau of Economic Analysis (BEA). By comparison, the nation’s GDP grew by 3.4 percent during the quarter.
Connecticut’s GDP growth rate ranked 21st in the U.S. and third in New England.
GDP rose by an average rate of 3.3 percent in New England, led by New Hampshire (3.7 percent) and Massachusetts (3.5 percent). Trailing Connecticut were Rhode Island (2.9 percent), Maine (2.6 percent) and Vermont (2.2 percent).
Nationally, Connecticut’s economic growth ranked ahead of Iowa (3.3 percent), Tennessee (3.1 percent) and Indiana (3 percent).
The state’s economic uptick was again led by the finance and insurance sectors, which drove its largest GDP increase of 0.64 percent. Nondurable goods and manufacturing (0.46 percent), information (0.38 percent) and wholesale trade (0.37 percent) sectors also spurred the state’s GDP growth.
Other local industries on the rise were retail trade (0.27 percent), construction (0.18 percent) and durable goods manufacturing (0.11 percent).
The state’s GDP grew by 3.1 percent and 1.1 percent in the second and first quarters of 2018, respectively.
GDP increased in 49 states and the District of Columbia ranging from flat in West Virginia to 5.8 percent in Washington state.
DOWNLOAD PDFs
