Another strong quarter for Connecticut, growing the 4th fastest in the country. 5.6% growth which is the fastest in New England and faster than the US overall at 4.4%.
This is on the heals of our q2 where we grew 9th fastest in the country. Our economy grew by $4b (!) in q3, and $7.5b YTD, which is about 3x what our economy expanded in all of 2024.
(Note that all numbers here are all real terms - ie adjusted for inflation.)
Looking at the contributors, advanced manufacturing continues to be our biggest contributor, as we continue to see strong growth from our national defense primes and their partners. Manufacturing is about 12% of the CT economy with the vast majority coming in support of our national defense. A lot of that attention goes to Sikorsky, Pratt, Collins and Electric Boat, but its also all of the smaller supply chain companies that work with them, some times for generations.
Utilities, Finance & insurance and professional services were the next biggest contributors to growth, followed by retail and healthcare. The arts also grew nicely.
Stepping back and looking at the big picture - the CT economy continues to show strong resilience in the face of a more volatile macro, which is testament to the sectors where we have strong competitive advantage.
Summary analysis is below - full detail is available here: https://docs.google.com/spreadsheets/d/1qh1ra70PpcGPob6WSi2xGM3dt5Qt6PVj6a35s8lmmg8/edit?usp=sharing