Business & Tech
How Is Connecticut’s Economy Doing? Kinda Well
Cautious good news from the latest federal figures.
Connecticut’s economy is growing - but at half the pace of the rest of the country, according to figures released Wednesday by the Bureau of Economic Analysis.
Last year, The Hartford Courant used Bureau of Economic Analysis figures to report that Connecticut was the only state in which the economy shrunk in 2012. The newest figures show that the state’s economy did grow last year - 0.9 percent. This was thanks to revenue from real estate rental and leasing and information, according to Clifford Woodruff from the Bureau of Economic Analysis.
In 2013 nondurable manufacturing, transportation and warehousing and finance and insurance all shrunk in the state.
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But Connecticut didn’t fare so well in comparison with its New England neighbors. Massachusetts, Vermont and Rhode Island all saw more growth in 2013.
The U.S. economy grew 1.8 percent overall last year, with North Dakota experiencing the largest growth of 7.6 percent. Alaska and D.C.’s economies shrunk in comparison with 2012.
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The BEA used real gross domestic product to calculate growth.
What do you think about this growth? Do you work in one of the sectors that shrunk or grew in 2013? Let us know in the Comments section.Get more local news delivered straight to your inbox. Sign up for free Patch newsletters and alerts.
