State’s GDP up 0.9 percent for first quarter

By Kevin Zimmerman

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Connecticut’s gross domestic product (GDP) grew by 0.9 percent during the first quarter to $262.2 billion, placing it slightly below the national average according to the U.S. Bureau of Economic Analysis (BEA).

The state’s GDP growth places it 28th among all states and last in New England, which was led by New Hampshire (up 2.9 percent) and Maine (up 2.3 percent). Neighboring Massachusetts’ GDP increased by 1.6 percent, while New York was up by 0.5 percent. Connecticut’s GDP grew by 0.6 percent in 2015.

BEA said Connecticut’s overall first-quarter GDP was second in the region only to Massachusetts’ GDP of $485.4 billion. Growth was driven by information technology; health care and social assistance; real estate rental and leasing; and finance and insurance, while the construction, utilities, and government sectors saw declines.

The nation’s GDP increased for the quarter by 1.2 percent, led by construction, health care and social assistance, and retail.

Arkansas led GDP growth with an increase of 3.9 percent; placing last was North Dakota, which posted an 11.4 percent decline.

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