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Thu June 12, 2014
Connecticut Economy: Good News! We're Not Dead Last
Connecticut's economy is showing positive growth, but it's very modest, according to newly-revised figures from the federal government.
There was a lot of controversy last year, when data from the Bureau of Economic Analysis showed that in 2012, Connecticut's economy shrank by 0.1 percent, giving it the worst economic performance of any state. These newly-revised figures show that apparently wasn't accurate. The state's output actually grew by one percent that year, meaning instead of dead last, it was only the sixth-worst performing state.
It more or less sustained that performance in 2013, when the BEA says it grew by 0.9, bumping it up to eleventh from the bottom. That's about half the rate of growth in the nation as a whole.
Connecticut seems to be typical of its region. New England as a whole had the slowest growth in the nation in 2012 and 2013.
The state's most productive industries are information, and real estate, rental, and leasing. Finance and insurance actually suffered a decline in output in 2013.