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