Connecticut Residents’ Income Growing

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The total amount of money people who live in Connecticut receive from work, investments and government payments grew by 0.9 percent in the second quarter of this year, just below the national average of 1 percent. The information was released by the federal government Monday.

Salaries and bonuses grew by 0.8 percent, faster than the national rate of 0.6 percent, and dividends, interest and income from investment properties grew by 3 percent, the same as the national increase.

The amount paid by unemployment and Social Security to Connecticut residents fell sharply earlier this year, a 2 percent drop. Nationwide, those government transfer payments increased by 0.1 percent.

The Bureau of Economic Analysis, which compiles the data, said the industries whose growth accounted for the largest part of the overall earnings growth were construction and finance and insurance. That was true both nationwide and in the state. Finance and insurance’s contribution to the income growth was twice as high in Connecticut as it was nationwide.

Connecticut’s income growth was slower than Massachusetts, New Hampshire, New York and New Jersey, but was in line with Washington, D.C., Pennsylvania, California and Oklahoma.

 

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3 thoughts on “Connecticut Residents’ Income Growing

  1. Recipient

    It would be informative to see a little more in-depth reporting, indicating how much the cost of living in CT went up in comparison to the wages.

    Equally informative would be a breakdown of each category this article says has grown, so we have a clear idea of just how much income growth has occurred in those receiving “government payments”

  2. Mara Lee Post author

    If you re-read the post, there is a breakdown of each category. Government payments shrank significantly, by 2 percent, much faster than the nation’s 0.1 percent growth in that category. So fewer Connecticut residents are getting government payments.

    This post does not cover cost of living, because that’s outside the scope of the report, but my past coverage has, including a lengthy front page story earlier this month. The average Connecticut worker’s wages have gone up almost exactly the same amount as inflation over the last five years.

    1. Kim

      “The average Connecticut worker’s wages have gone up almost exactly the same amount as inflation over the last five years”.

      That may or may not be true but it doesn’t explain why I have less and less take-home pay and more and more CT taxes. It looks like you’re ignoring increeased cost of living in CT due to government policies and actions. What good does it do to have my salary increased when that increase, and more, are immediately confiscated or paid out at the check-out counter? Could we be cherry-picking our data here?

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