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.
