State’s Economic Growth Lackluster in 2013
Real gross domestic product (GDP) increased by a meager 0.9% in Connecticut in 2013, according to new statistics released this week by the U.S. Bureau of Economic Analysis (BEA).
Among the 50 states and the District of Columbia, the Nutmeg State ranked 39th for economic growth last year.
The 0.9% growth rate in 2013 represents a 0.1% drop from 2012. In 2011, Connecticut experienced negative growth (-0.9%), and in 2010, the state’s economy grew by just 0.7%.
“Hopefully we have seen the last of these lackluster numbers,” says CBIA economist Pete Gioia.
“Businesspeople are predicting growth in several areas for this year and beyond, especially in manufacturing. So we’re hoping that the numbers released today are history.”
The top state for economic growth in 2013 was North Dakota (9.7%), followed by Wyoming (7.6%) and West Virginia (5.1%). Rounding out the top five were Oklahoma (4.2%) and Idaho (4.1%).
The latest BEA statistics underscore the need for Connecticut policymakers to focus on improving the state’s economic competitiveness—the main goal of CT20x17.
With the support of dozens of leading business and professional organizations from across the state, CT20x17 is a broad-based, multi-year campaign specifically aimed at driving Connecticut into the top 20 states for business by 2017.
Learn how you can play a role.
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