Connecticut’s economy grew by 3.1% in the past two years. That’s better than any other New England state and above the U.S. average of 2.7%, according to state officials.
The state’s growth has been boosted by an increase in manufacturing, said Governor Ned Lamont at the Connecticut Business and Industry Association’s annual state manufacturers summit in Hartford on Wednesday.
“We’ve not only held our own but increased manufacturing as a piece of our GDP over the last five-plus years. More than 11, 12% and growing,” he said
Connecticut is experiencing its fastest economic growth in 20 years and is now ranked 19th in the nation. Daniel O’Keefe, commissioner for Economic and Community Development, said that’s up from 49th a decade ago.
“Things like technology, software, and information industries are all growing nicely and becoming a bigger piece of the pie. But the biggest thing that happened is our manufacturing sector started growing again,” O’Keefe said.
He said the state has benefited from federal policy on local manufacturing to become the number one manufacturer of aircraft engines, second in patents granted, and third highest recipient of defense spending in the nation.
Connecticut is also the only state in the region that has gained population since the pandemic.
“People are not only moving to Connecticut to live here, but they are starting their businesses here. We had a faster rate of startups than any other state in the region,” O'Keefe said.
