November 8, 2018

DOL: CT’s 2017 economic performance improved but trailed nation

PHOTO | DOL
PHOTO | DOL
2017 Economic Indexes for Northeast states, according to the state Department of Labor.

Connecticut's economic performance scored its best national ranking in nearly a decade in 2017, even though it still ranked in the bottom half of the country, according to an analysis by the state Department of Labor (DOL).

DOL's State Economic Indexes (SEI) ranked Connecticut's 2017 economic performance 39th out of 50 states and the District of Columbia, up from 40th in 2016, and its best position in seven years. The SEI rankings surfaced in the latest monthly issue of the Connecticut Economic Digest, a joint publication by (DOL) and the state Department of Economic and Community Development (DECD).

Connecticut's SEI ranking was 128.7, below the nationwide average of 139.1. SEI is measured using DOL data on four equally weighted areas including wages, employment levels, unemployment rate and number of business establishments.

The state's index rose 3.5 percent over the year, ranking No. 37 among states in terms of annual growth rate. Nationally, SEI climbed 5.3 percent from 2016 to 2017, with South Dakota and Alaska as the only states declining from the prior year.

Connecticut's SEI has jumped 28.7 percent since the state's economy began to recover from the Great Recession in 2010. But that still trails national economic index growth of 39.1 percent over that time.

The report said Connecticut ranked last in New England based on SEI, trailing Rhode Island (No. 15), Maine (No. 17), Massachusetts (No. 18), New Hampshire (No. 23) and Vermont (No. 29).

For business establishment growth rate, Connecticut ranked No. 25 and ranked No. 44 in employment growth in 2017. Since 2010, the state's job growth ranked No. 46.

Connecticut wages in 2017 ranked fourth at $65,228, but placed second to last in wage growth over the year.

Under unemployment, the state's jobless rate of 4.7 percent tied at No. 35 alongside Georgia and New York.

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