Some industries in Connecticut metro areas have more than doubled their Gross Domestic Product between 2001 and 2014, surpassing the average growth in cities across the country, according to new figures released by the U.S. Bureau of Economic Analysis.
For example, the categories of utilities and information in the Bridgeport-Stamford-Norwalk area saw growth of 137 percent and 118 percent respectively.
In Hartford-West-Hartford-East Hartford, the industry with the largest GDP growth between 2001 and 2014 was information at 145 percent.
The New Haven-Milford area’s GDP in utilities increased almost 175 percent, while the U.S. metro area average was just 56 percent.
Meanwhile, Norwich-New London’s wholesale trade industry had the biggest GDP growth out of all industries of any metro area in Connecticut: 240 percent.
On the other hand, some industries in Connecticut cities did not share the same pace of growth that cities across the country did.
New Haven-Milford actually saw negative growth of 10 percent in the information industry GDP.
Let’s take a closer look at some industry categories in Connecticut over time.
In 2001, Bridgeport-Stamford-Norwalk produced a $647 million GDP, essentially tied with Worcester, MA-CT at that time. But that changed in 2003, when GDP started increasing. A gap of data exists in this city during the Great Recession, but in 2014, the GDP was $1,537 million.
Between 2008 and 2011, Norwich-New London briefly surpassed Worcester, MA-CT in GDP from utilities.
The transportation and warehousing GDP dropped during the Great Recession in Bridgeport-Stamford-Norwalk and has never fully recovered, though it has seen growth. Instead, Hartford-West Hartford-East Hartford grew from $1,216 million in 2005 to $1,738 million in 2014.
Bridgeport-Stamford-Norwalk and Hartford-West Hartford-East Hartford’s information industries have grown substantially.
The other metro areas in Connecticut remain at about the same level in 2001 or have dropped, like New Haven-Milford.
Hartford-West Hartford-East Hartford briefly caught up in GDP to Bridgeport-Stamford-Norwalk between 2007 and 2009, but the former has since pulled significantly ahead.
GDP in educational industries, including health care and social assistance has been growing quickly at a consistent rate. Except in Norwich-New London.