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March 29, 2024

CT’s economy grew 3.1% in 4Q; estimated 2.1% growth for all of 2023

By Greg Bordonaro

Connecticut’s real GDP grew 3.1% in the fourth quarter of 2023, placing the state’s economic growth slightly below the national average, according to new data from the Bureau of Economic Analysis.

The U.S. economy grew 3.4% in the fourth quarter, BEA data shows. Connecticut’s growth rate ranked 30th out of 50 states and the District of Columbia.

GDP measures the market value of goods and services produced by the labor and property located in a state. 

Meanwhile, for all of 2023, Connecticut’s economy grew 2.1%, which was also behind the nation’s 2.5% GDP growth, according to preliminary BEA estimates. 

Connecticut’s GDP growth was higher in the third quarter of 2023, at 4.7%. 

During the fourth quarter, New England states averaged 3.2% GDP growth, with all state economies except Massachusetts growing at a faster pace than Connecticut.

Nationally, real GDP grew in 18 of 23 industry groups in the fourth quarter, with nondurable-goods manufacturing, retail trade and durable-goods manufacturing being the top contributors to growth.

In Connecticut, durable- and nondurable-goods manufacturing led economic growth during the fourth quarter.

Meanwhile, Connecticut’s personal income increased 4% in the fourth quarter, on par with the national average and ranking the state 27th overall.

In March, the state Department of Labor reported that Connecticut employers added a total of 18,400 jobs in 2023 after gaining 28,500 jobs in 2022.

Connecticut is now at a 16-year high with 1.7 million payroll jobs. The private sector, which has 1.47 million payroll jobs, is 102.9% recovered from the pandemic, DOL said.

 

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