Connecticut”™s real gross domestic product (GDP) shrank by 4.7% during the second quarter of this year, the second-worst economic contraction among the states, according to data from the U.S. Bureau of Economic Analysis.
Real GDP declined in 40 states and the District of Columbia, with Wyoming registering the worst slide at ”“4.8% in Wyoming; nationally, second quarter real GDP was down by 0.6%. Within Connecticut, the finance and insurance industries were the major contributor to the real GDP decrease.
Gov. Ned Lamont, who is running for re-election, did not publicly acknowledge the federal data. Bob Stefanowski, Lamont”™s Republican challenger, tweeted, “Is the recent report on GDP decline and the recession @GovNedLamont”™s idea of CT “getting its mojo back”? We are leading the nation in all the wrong categories under this administration, but hope is on the horizon.”
Chris DiPentima, president and CEO of the Connecticut Business and Industry Association (CBIA), stated the new data “clearly highlights the impact the state”™s labor shortage crisis ”“ along with inflation and supply chain bottlenecks ”“ is having on our economy. The finance and insurance and manufacturing sectors, two critical components of our economy, saw some of the biggest declines in the second quarter. The performance of those sectors, along with contraction in the construction and real estate sectors ”“ which typically act as early warning signs ”“ is very troubling.”
This is a result of single party rule in CT for a VERY long time. CT residents are getting what they vote for. Productive taxpayers leave, businesses leave but somehow the politicians call this success! Very troubling. Remember you get what YOU vote for!