The economy in Connecticut has some catching up to do.
Initial figures from the U.S. Bureau of Economic Analysis show the state’s economy fell behind the rest of the nation in the second quarter of 2022.
Connecticut’s gross domestic product fell by 4.7 percent between April and June, putting the state second-to-last in the nation. Meanwhile, personal income grew by only 2.2 percent.
As the cost for health benefits rises in Connecticut, businesses and nonprofits are evaluating budgets to determine how much they can contribute to benefits for employees.
“Consider how much the cost of health care in America degrades our competitive position – businesses and taxpayers in no other country must bear this huge cost; it puts America at a 7-10% cost disadvantage relative to other countries,” Fred Carstensen, director of Connecticut Center for Economic Analysis at the University of Connecticut, told The Center Square. “And at the same time, the average health of Americans (and life expectancy) is poorer than in most other developed countries – making us less productive. The costs we impose on ourselves with this health care system are seemingly endless.”