Despite Trump’s Effort to Hamper Economic Growth, Connecticut Is Gaining Strength

Across the country, families are getting squeezed by higher interest rates, higher fuel costs, and the fallout from the economic agenda that Ryan Fazio and the Republicans have co-signed since Donald Trump took office. 

But in Connecticut, the story is different: investments in our communities, a focus on reducing costs have delivered strong economic growth and real results for working families.

The national picture continues to get uglier:

• Mortgage rates spike again. The average 30-year mortgage just jumped to 7.28% – up from 5.98% in late February. According to CT Capitol Dispatch, “A homeowner purchasing a $300,000 home in Connecticut will now pay $200 more per month than they would have in February as interest rates and mortgage rates climb back above 7%, spurred by inflation and largely driven by the impacts of President Trump’s Iran War.”
  

• Trump’s tariffs and war are making housing more expensive. Construction input costs rose 8.9% from August 2025 to August 2026, with the Associated General Contractors of America pointing to tariff- and war-induced material cost increases, driving up housing costs.
  

• Fuel costs are still rising. CT Mirror reported diesel prices in Connecticut hit a record high near $6.48 per gallon, while home heating oil rose 50% in three months. A Brown University live tracker shows the average American family has paid over $900 more in direct vehicle fuel costs.

But in Connecticut, Governor Lamont and Connecticut Democrats are delivering strong growth: 

• Connecticut’s GDP annual growth in the second quarter of 2026 clocked in at 3%, outpacing the national growth rate of 2.2%. Connecticut had the seventh-fastest growth in the nation, and led the New England region, according to the Hartford Business Journal.

  • HBJ: “Connecticut also outpaced the nation in personal income growth. The state’s personal income increased at a 5.3% annual rate in the second quarter, compared with 4.7% nationally.”
    

• Connecticut’s “electricity prices are falling faster than anywhere else in the nation.” As CT Mirror reported in September, “Connecticut’s residential electric bills declined by about 10% between June 2025 and June 2026,” while rates rose by 5% on average nationwide.
  

• Connecticut notched its best ever finish in the top states for business rankings, according to CNBC, as Governor Lamont and Connecticut Democrats’ continued investments in workforce development, infrastructure, and economic development gain increased recognition - and deliver real growth. 

Statement from CT Dems spokesperson Ian Clarke:

“Governor Lamont and Democratic lawmakers have refused to allow the dysfunction and disaster of Trump’s MAGA economy stop Connecticut from delivering tangible progress for working families and communities across the state. Ryan Fazio’s answer is to throw out what’s working and implement the same failing, wildly unpopular policies as Trump.

Connecticut families are already paying for Republican failures in Washington. They don’t need Ryan importing any more.”