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September 24, 2019

CT’s 2Q income up 4.8%; No. 31 nationally

By Joe Cooper

Personal income in Connecticut, already among the highest in the U.S., grew at a slightly below average pace during the second quarter, federal officials say.

Connecticut ranked 31st in the U.S. for personal income growth in the April-June period at 4.8 percent, according to a quarterly report released Tuesday by the U.S. Bureau of Economic Analysis (BEA). The state’s growth rate trailed the U.S. increase of 5.4 percent, BEA said.

BEA on Tuesday also revised upward the state’s first-quarter income growth rate of 1.5 percent to 6.3 percent, which exceeded the nationally revised increase of 6.2 percent. 

In the second quarter, personal income growth in Connecticut surpassed New England’s average increase of 4.3 percent and ranked third in the region behind Vermont (5 percent increase) and Maine (4.9 percent). Trailing were Rhode Island (4.6 percent), New Hampshire (4.4 percent) and Massachusetts (3.8 percent).

Workers in Connecticut earned more than $284.1 billion in the second quarter, up from $280.8 billion in the previous three-month period.

Industries leading the state’s wage increase included finance and insurance (1.35 percent increase), professional, scientific, and technical services (0.49 percent), durable goods and wholesale trade (0.22 percent), respectively.

Nationally, the percent change in wage growth in the second quarter ranged from 7.5 percent in Texas to flat in North Dakota.

View BEA’s full report here

 

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