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CT Among Top 10 States With Economic Growth in 2011

This state saw a 2 percent increase in gross domestic product last year, exceeding many neighboring states along the East Coast.

 

Connecticut had the ninth fastest growing economy in the country in 2011, outpacing several neighboring states and exceeding averages on both the national and regional levels, according to a U.S. Bureau of Economic Analysis report released Tuesday.

The state saw a 2 percent increase in its gross domestic product (GDP), compared to a .8 percent increase in Rhode Island, a 1.1 percent increase in New York and a decrease of .5 percent in New Jersey. The only state in New England to do better than Connecticut was Massachusetts, which saw a growth of 2.2 percent, the report stated.

GDP is based on the value of all goods and services product in an economy, taking into account the value of goods imported and exported, according to The Wall Street Journal.

The bureau report noted that manufacturing, as well a professional, scientific, technical and informational services, were leading contributors in the growth..

The overall economic growth in the United States in 2011, however, was 1.5 percent, which was down from the 3 percent GDP hike in 2011. In New England, the growth in 2011 was 1.8 percent.

In a press release, Gov. Dannel P. Malloy said the economic report was good news, but said the state still has work to do.

“The announcement today by the U.S. Bureau of Economic Analysis is yet another sign that our state’s economy is moving in the right direction,” Malloy said. “With unemployment at a three-and-a-half year low and thousands of private sector jobs created, we are absolutely laying the foundation for future growth. As we continue to implement economic development programs both large and small, I believe we’ll see growth that outpaces most of our neighbors, as today’s report clearly indicates.

The statement continued:

“That said, we’re still facing many challenges,” Malloy said. “We need to continue to be vigilant about the state’s finances, and we’re of course watching what’s going on overseas.  We’re pleased every time we receive good news, yet we’re constantly aware of how far we have to go before any of us can feel satisfied about the economy.”

MAC June 06, 2012 at 11:14 PM
Oh what I'd give for a governor like Scott Walker in CT! Malloy and his big taxing and over-regulating Dem colleagues in the LOB have already driven hundreds (thousands?) of CT residents and job creators to other more business friendly states like Texas, FL and the Carolinas. The fact that CT is in the top ten of these economic stats just shows how dire the situation is in our nation, with the lowest male labor participation rate since WWII! CT's unemployment rate does not look so bad, because so many have left the state, or become so discouraged they have given up looking for a job. I can't wait for November!! What happened in WI yesterday, that affirms the voters' approval for fiscal restraint and cutting back on the power of unions, is fantastic and so heartening!
Tim Withington June 07, 2012 at 05:55 PM
No offense MAC but what the heck? Wiscison is in terrible shape as far as job growth with Tea Party celeb Scott Walker at the helm. CT is 9th best. You logic makes no sense.
MAC June 07, 2012 at 06:56 PM
Excuse me, Tim, but CT "is in terrible shape," with Malloy having to BORROW just to pay daily operating expenses! The CT budget deficit is getting worse and worse, with more businesses closing or moving out of state. On WTNH just last evening: A textile mill in Vernon with about 75 employees is closing at the end of the month. And a multi billion $$$ hedge fund firm that was in Greenwich has announced that they have moved to FL. Those people have taken their TAX revenue to FL! Malloy is under the thumb of public sector unions, got virtually no concessions from them, and gave them guaranteed RAISES, while private sector employees are laid off, or part-time or underemployed! Bottom line, I am surprised if you don't know neighbors, etc.--or even have family members in CT--who are underemployed, working only part-time, or can't find a job, or have left the state, taking their businesses and taxes with them! I personally know many job producers who have moved to Texas, FL, North Carolina etc. I also know a small business owner who is still here, operating multiple locations in the restaurant business, but had to lay off employees because he can't afford the new laws mandated on CT employers with over 50 employees. Otoh, Gov. Walker turned a 3.6 BILLION $$ budget deficit into a surplus, and has ended the stranglehold of the public employee unions in WI, without laying off any of their employees!

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