Featured Article

State incomes make increasing gains in 2007
Article Audio

0:49 minutes (0.4 MB)
Download this Article
Share this Content

New figures show personal incomes in Connecticut made increasing gains in 2007.

Some economists believe we may be teetering on the edge of recession, but incomes show that this year has been positive for many state residents. Data from the federal Department of Commerce show that personal incomes in Connecticut increased by more than 13 billion dollars in the third quarter, when compared to the third quarter last year. The second quarter also showed a gain, but of around two billion dollars.

The sectors that improved the most were healthcare and social assistance, as well as professional and technical service industries. The state saw a fall in incomes in real estate, construction, and finance and insurance. Part of the overall increase can be attributed to the state’s employment growth – it’s estimated Connecticut will end the year with a gain of around 20 thousand jobs. Connecticut showed roughly the same rate of growth as the nation, where incomes went up by 1.4 percent.