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Connecticut GDP Growing Half As Fast As U.S.

by New Haven Register | Jun 13, 2014 7:27am
(7) Comments | Commenting has expired
Posted to: Business, Economics, Jobs, Labor

The monetary value of all the finished goods and services produced within Connecticut’s borders grew at rate in 2013 that was half as fast as the United States as a whole, according to data released Wednesday by the federal Bureau of Economic Analysis (BEA).

Connecticut’s Gross Domestic Product (GDP) for last year grew 0.9 percent compared to 2012 and resulted in the state being ranked 39th nationally. That tied Connecticut with Maine and New Hampshire for the lowest GDP growth rate in New England in 2013, the BEA said.

The GDP growth for the United States in 2013 was 1.8 percent above where it was the previous year. Alaska and the District of Columbia both saw their GDP decline in 2013 compared to 2012.

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(7) Comments

posted by: PWS2003 | June 13, 2014  11:01am

So corporate CT has been shipping middle class jobs either out of state or overseas for decades and now CT is past the tipping point. You can’t build growth without a strong manufacturing base and that has been destroyed in CT and the US. We read the same old and proven false ideas of trickle down and deregulate junk economics from the same bunch that has put us in this position and they will not change because they don’t learn from history. The American people know that we need to reign in Wall Street and rebuild our country but can’t do that because that does not help Wall Street and our American oligarchs. Time to through a whole bunch of these leaders out and Eric Canter was a good start.

posted by: art vandelay | June 13, 2014  12:23pm

art vandelay

BMW has just announced a 1 billion dollar expansion to their Spartanburg, S.C. assembly plant. They are also increasing their workforce with 800 new jobs.  How many high quality skilled jobs has Malloy or for that matter Blumenthal created since assuming office?

posted by: robn | June 13, 2014  1:09pm

PW,

Maybe jobs wouldn’t be shipped out of state if unions asked for reasonable, instead of ridiculous compensation. Unfortunately CT taxpayers are held captive by such extortive demands. I had to skim through about 2500 Metro North employees before I could drop the base salary below $100K.
http://data.newsday.com/long-island/data/politics/metro-north-salaries-overtime-pay/?desc=yes&order=base_pay&currentRecord=1
$144K (base pay!) for a guys who punches holes in paper? Really?

posted by: UConnHoop | June 13, 2014  4:34pm

But the media & Dems will tell us that this has nothing to do with the liberal policies which have been strangling our state for the better part of the last 40 years.

posted by: Common Sense | June 13, 2014  8:29pm

Art Vandelay: Both Malloy and Blumenthal only give us non-performing lip service to providing us with a steady diet of fruitless photo-ops photo ops. Shame on the voters for putting these people in office and we ae all paying for it BIG TIME.

posted by: shinningstars122 | June 13, 2014  8:50pm

shinningstars122

Hey @ArtVandelay I am sure the autoworkers in Germany are not happy…their jobs are being outsourced to the USA.

I could only find that between 1992 and 2003 South Carolina gave up $250 million in tax breaks to BMW.

For this new expansion I sure it will be at least another $100 million or more.

In many ways CT can compete with the south the price of land, cost of living and energy cost but I do feel we can surge ahead with high tech small manufacturing, bio medical, and high tech start ups.

I mean Hartford or Bridgeport would sure be more fun to live in than Detroit.

FYI for all you folks over 40 Detroit is seeing a back to the city movement by 20 somethings.

I have to agree with @ PWS2003 CT backed hedge funds and finance and we all know how that played out.

Time to get back to the basics.

Get that high speed rail to Hartford/ Springfield. Expand 1-84 from Waterbury to NY state line these two projects would create hundred of high paying jobs and up date our infrastructure so if you wanted you could get to NYC in less than hour on that wicked fast train from Hartford.

posted by: shinningstars122 | June 13, 2014  8:54pm

shinningstars122

Oh yeah one more note South Carolina has invested big time in a deep channel port in Charleston.

Government leading the way, and spending hundreds of millions, to attract business their way.