Submitted by State Sen. Norm Needleman
(October 5, 2024) — Governor Ned Lamont has announced that Connecticut’s minimum wage will rise sixty-six cents on January 1, 2025, climbing from the current $15.69/hour to a new total of $16.35/hour next year.
The change comes as the state’s minimum wage is now tied to economic indicators, specifically the federal employment cost index, and it will be reviewed yearly in comparison to that metric. The 4.2% annual increase to that cost index accounts for the sixty-six cent increase from the current $15.69. Connecticut will have the third-highest minimum wage in the country once this change takes effect.
Connecticut GDP Increases
In the Bureau of Economic Analysis’s most recent report on state gross domestic product for the second quarter of 2024, Connecticut saw a GDP increase of 2.8%, which was just under the national average in growth (3.0%) and landed in the middle of the pack for the country, tied with Texas and California and ahead of all New England states except Vermont during that time. Personal income rose 4.1% in the second quarter of 2024, behind the 5.3% national rate, but ahead of Massachusetts and New Hampshire and competitive with states including Texas.
Gasoline Prices in Connecticut
The average cost of a gallon of gasoline across Hartford County is now below $3.00 per gallon, with GasBuddy reporting prices fell 6.4 cents in the last week of September. Gasoline prices have dipped thirty-two cents in the past month; prices are below last year’s costs by seventy-two cents per gallon. Hurricane Helene did not impact oil production and gasoline prices are expected to fall further. Overall, Connecticut is seeing average costs of $3.04 per gallon, and if current patterns hold, the entire nation may see gasoline prices at $3.00 per gallon or lower by late autumn.
The above information is taken from a legislative newsletter sent by the office of Sen. Needleman.
