50 in 50: Connecticut

50 in 50: Connecticut

50 states in 50 weeks: U.S. states economic and infrastructure highlights.

Key Economic Indicators

GDP: $244.0 billion

GDP 5-year compounded annual growth rate (CAGR) (2017-2021): -0.3% (U.S: 1.6%)

GDP per capita: $67,678 (U.S.: $58,154)

Population: 3.6 million

Population 5-year CAGR (2017-2021): 0.2% (U.S.: 0.5%)

Unemployment: 5.3% (U.S.: 3.9%)

Economic health ranking: #45 out of 50

Fiscal health ranking: #47 out of 50

Overall tax climate ranking: #50 out of 50

Key Sectors and Metro Areas

Top five industry sectors by 2021 GDP:

Top three industry sectors by GDP 5-year CAGR (2017-2021):

Top three metro areas by GDP:

• Hartford-East Hartford-Middletown
• Bridgeport-Stamford-Norwalk
• New Haven-Milford 

Top three areas by population 5-year CAGR (2016-2020):

• Bridgeport-Stamford-Norwalk
• Hartford-East Hartford-Middletown
• New Haven-Milford

Infrastructure Highlights

Infrastructure: ASCE Infrastructure Grade (2018): C-

Connecticut will receive nearly $6.0 billion in infrastructure funds from the Infrastructure Investment and Jobs Act (IIJA), which will help the state address aging water and wastewater systems and a significant high percentage of roads in deteriorating conditions. The state will have the opportunity to raise its current worrisome economic outlook by applying extra efforts into identifying projects focused on winning competitive grants. The IIJA will make the following funds available to Connecticut over the next five years (additional funds may be deployed as federal grants get awarded to states):

Construction spending (Value of Construction Put in Place – CPiP):

• Private Nonresidential 2020 CPiP: $2.8 billion; 9.5% 5-year CAGR (2016-2020), above overall U.S. CAGR of 2.0%
• State & Local 2020 CPiP: $2.8 billion; -3.3% 5-year CAGR (2016-2020), below overall U.S. CAGR of 4.8%

AE Industry

ENR 500 firm headquarters (2021): 4

M&A activity since 2018:

• 26 deals with CT buyers
• 22 deals with CT sellers

For customized market research, contact Rafael Barbosa at [email protected] or 972.266.4955. Connect with him on LinkedIn.