State’s 2019 Economic Growth Ranks 33rd in U.S.
Connecticut’s economy grew 1.6% in 2019 after expanding 0.5% the previous year.
The U.S. Bureau of Economic Analysis reports that the information sector led all industries as Connecticut’s economy improved from third slowest in 2018.
Connecticut’s 2019 GDP growth ranked 33rd among all states.
The U.S. economy expanded 2.3% last year, while the six New England states averaged 2.3% growth, led by New Hampshire and Rhode Island at 2.7%.
At $289 billion, Connecticut’s GDP accounts for 25% of New England’s economic output, second only to Massachusetts, which drives 52% of the region’s economy.
Connecticut’s information sector expanded 0.5% to again lead all sectors in the state.
Professional, scientific, and technical services grew 0.37%, followed by healthcare (0.25%), durable goods manufacturing (0.2%), and retail trade (0.16%).
Government was the worst performing of any sector, shrinking 0.12%.
Wholesale trade contracted by 0.05%, followed by finance and insurance (-0.03%), transportation and warehousing (-0.02%), and non-durable manufacturing and accommodation and food services, which both shrank 0.01%.
The economies of four of the six New England states ranked in the top 20 last year, led by New Hampshire (12th) and Rhode Island (14th).
New Hampshire’s economic expansion was driven by professional, scientific, and technical services and the finance and insurance sector.
Rhode Island’s finance and insurance sector grew 0.95% to lead all industries in that state.
Massachusetts’ economy grew 2.5% (17th), followed by Vermont (2.5%; 18th), Maine (1.9%; 29th), and Connecticut.
Best, Worst States
The Texas economy boomed last year, with the mining, quarrying, and oil and gas extraction sector helping drive 4.4% overall growth.
Washington state’s economy grew 3.8%, followed by Utah (3.8%), New Mexico (3.7%), and Colorado (3.5%).
Nebraska (0.6%), South Dakota (0.7%), Michigan (0.7%), Delaware (0.8%), and Indiana (0.8%) had the five slowest economies in 2019.
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