Home Economy CT’s rate of personal income growth ranked 48th in the nation

CT’s rate of personal income growth ranked 48th in the nation

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Connecticut’s rate of personal income growth in 2019 was 48th best in the country, according to the latest data from the U.S. Department of Commerce – news that presumably will not improve after the economic effects of the COVID-19 outbreak can be fully measured.

connecticut personal income

The state’s 3.2% increase in personal income over 2018 was higher only than Illinois’ (3.1%) and West Virginia’s (2.8%). The U.S. as a whole realized 4.4% growth. On a dollar figure, Connecticut’s $281,967 was bested only by Massachusetts, which recorded $516,714 – a 4,4% increase over 2018.

On a per-capita personal income basis, however, Connecticut topped all states with $79,087, followed by Massachusetts ($74,967) and New York ($71,440).

The coronavirus effect will be a factor in the Commerce Department’s next report, due in June. As of now, Connecticut has gained back 83% of jobs lost in the Great Recession; as of Monday, nearly 100,000 unemployment claims have been submitted as businesses continue to shut down.

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