Connecticut’s economy grew by only 0.6 percent in 2014, well behind the national average of 2.2 percent, according to the latest figures from the Commerce Department’s Bureau of Economic Analysis. The Connecticut Mirror today takes an overall look at state gross domestic product (GDP) by industry sectors, but at TrendCT, we wanted to look more deeply at which sub-sectors are driving the most change over time.
Mining GDP has risen slowly since the 1990s, though it dipped for about five years after 2007. Forestry and fishing have slowly dropped over time.
Manufacturing is divided between durable and nondurable goods. In Connecticut, durable goods manufacturing GDP has grown since 2002. However, nondurable GDP took a dive after 2007 and has only seen a small uptick in 2013.
Let’s take a closer look at each of the sub-industries within the durable and nondurable manufacturing sectors.
Motor vehicles manufacturing has slowly dropped since 1997, especially so in 2009, but it bounced back the year after. Non-metalic manufacturing has seen a drop in GDP.
Electrical equipment is seeing consistent growth.
Other transportation equipment manufacturing has seen the most significant growth for durable goods over the years from $3 billion in 1997 to $8 billion in 2010. However, the number has dropped since then to $6 billion in 2013.
Apparel and plastics and rubber nondurable goods manufacturing has dropped at a steady rate since 1997.
The most significant change for a nondurable manufacturing subsector is in chemical products. It saw a rise of more than $12 billion over 10 years until 2007, and then it dropped back to slightly above $5 billion in 2013.
Air transportation GDP has nearly doubled since 1997.
Warehousing and the trucking subsector also have seen remarkable growth.
Broadcasting appears to be experiencing GDP growth. Jobs classified in the data subsector seem to be experiencing a slight decline.
Film and audio GDP has almost tripled since 2005 — from $247 million to $1.5 billion.
Finance and insurance subsections are growing — most notably for insurance.
The only year real estate GDP did not grow was in 2009, coinciding with the recession.
There’s consistent growth for health care in Connecticut.
Arts, sports and museums dropped in GDP after 2006.
All government sectors have had GDP growth but have been relatively stable in recent years.