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.”