CBIA says Connecticut GDP off to sluggish start

The Connecticut Business and Industry Association (CBIA) recently released its analysis of data from the U.S. Bureau of Economic Analysis and found that the gross domestic product of Connecticut grew through the first quarter of the year, albeit slowly.

Connecticut’s economy grew by 0.7 percent in the first quarter of 2024. The report notes that the state’s economy was off to an even slower start in 2023, but ended with a total growth of 2.1 percent.

“This is a reminder that we must remain hyper-focused on growing the state’s economy, so we don’t fall behind the region and the country,” CBIA president and CEO Chris DiPentima said, noting that there were economic tailwinds in 2023 which cannot be relied upon to carry the state this year.

DiPentima indicated that in its extensive dialogues with state business owners many had concerns that growth could be hampered by a strict regulatory environment. However, there was almost universal alarm about the cost of living, which eats into the ability of employers to make the best use of the state’s highly skilled workforce.

The full report and links to data can be found at: https://www.cbia.com/news/economy/ct-gdp-slows-first-quarter