New Ranking: CT Only has 28th-Best Economy in U.S.August 27, 2018
According to 24/7 Wall St., only Connecticut's relative wealth is keeping it from a lower spot in the rankings.
Connecticut has only the 28th-best economy in the U.S., according to a new report from 24/7 Wall St. that ranks all 50 states.
The ranking may come as a surprise to some Reclaim Connecticut readers, given the high taxes and stagnant economy in the state.
But 24/7 Wall St. suggested that Connecticut’s wealth, relative to other states, kept it in a middle-of-the-pack position despite a declining economy.
Connecticut’s GDP contracted by an average of 0.26% a year from 2012 to 2017, the second largest decline of any state. Meanwhile, economic output across the United States as a whole climbed by an average of 1.69% a year over the same period. The state’s declining economic output is partially attributable to population decline. Over the last half decade, the state’s population contracted by 0.3%, one of the steepest declines of any state. Today, Connecticut’s 4.4% unemployment rate is higher than the 3.8% national jobless rate.
Despite negative growth and high unemployment, Connecticut is a relatively affluent state. The typical household in the state earns $73,433 a year, nearly $16,000 more than the typical American household.
As 24/7 Wall St. noted, Connecticut’s five-year GDP annual growth rate is -0.3 percent, second-worst in the nation.
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