Report: Personal income increases, but hurdles remain

HARTFORD, Conn. – Connecticut’s growth outpaced New Jersey’s 3.4 percent increase and Maine’s 3.1 percent gain, but every other state in the region — Massachusetts, Rhode Island, Vermont, New Hampshire, New York, and Pennsylvania — saw personal income grow by more than 4 percent last year, according to Wells Fargo Securities’ 2015 Economic Outlook for the region.

The economy remains difficult in many parts of the country, but the Northeast and Connecticut have had a particularly hard time recovering from the most recent downturn that began in late 2007, according to the report, and challenges persist.

One hurdle is the employment situation here.

Connecticut, for instance, attributes nearly 8 percent of its overall employment to the financial services sector, according to the report. The sector’s presence is larger here than in other states; nationwide, the sector accounts for 5.7 percent of total employment.

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