Connecticut's economic growth accelerated this spring, but it still lagged the national rate, new federal data shows.

In the second quarter of 2024, the state's real gross domestic product grew 2.8 percent, at an annual rate, compared with a national increase of 3.0 percent, according to data released Friday by the federal Bureau of Economic Analysis.

The state's second-quarter GDP growth offset its first-quarter decline of 0.3 percent, which was originally estimated to be a 0.7 percent gain. But Connecticut's struggle to keep up with the national rate highlights certain headwinds, such as persistent labor shortages.

"We seem to be moving in the right direction. But I think it's more us riding the national wave than anything we've done within the state," said Christopher Ball, an associate professor of economics at Quinnipiac University. "I don't see anything in the numbers that inspires me to say, 'here's our new growth industry.' And none of the underlying problems have changed."

In the second quarter, economic growth in Connecticut was driven by several sectors, including finance and insurance, health care and social assistance, and durable-goods manufacturing.

But finding enough qualified candidates to fill job vacancies remains a challenge for many employers. There were about 89,000 job openings across Connecticut in June 2024, the most-recent month for which there is finalized federal data. In comparison, there were about 54,000 job openings statewide in June 2014.

Connecticut's labor force, which includes people who are working and those who are unemployed but actively looking for work, amounted to an estimated 1.913 million people in June 2024, according to the most-recent data from the state Department of Labor. The total marked an improvement from the state's COVID-19 pandemic-era low of 1.799 million that was hit in May 2021, but it was still down about 18,000 people from February 2020.

The labor squeeze in Connecticut reflects many factors, including widespread worker retirements since the beginning of the pandemic and many people not being able to enter or return to the workforce because of unaffordable or inaccessible child care. At the same time, a lack of affordable housing complicates keeping people in the state and attracting newcomers.

Other issues, including the cost of doing business and the state's regulatory burden, also weigh on many enterprises. In this year's edition of CNBC's Top States for Business survey, Connecticut ranked No. 43 in the cost-of-doing-business category.

"We continue to hear that companies are staying in Connecticut, but they're potentially expanding elsewhere where there's an easier regulatory environment, finding the workforce is a little easier, and there's a lower tax climate," Chris DiPentima, CEO and president of the Connecticut Business & Industry Association, said.

Despite its challenges, Connecticut has recovered the approximately 290,000 jobs that it lost as a result of economic shutdowns in the spring of 2020, at the start of the pandemic. However, the state still needs to add about 10,000 jobs to match its all-time payroll jobs peak, which was reached in March 2008.

At the same time, unemployment remains low in Connecticut. The state's jobless rate ran at an estimated 3.4 percent in August, compared with a national rate of 4.2 percent.

Connecticut's second-quarter real GDP growth ranked joint-26th nationally. The state placed second in New England, behind Vermont's increase of 3.4 percent. Among neighboring states, GDP increased 3.8 percent in New York, 1.9 percent in Massachusetts and 2.5 percent in Rhode Island. Nationwide, Idaho produced the highest rate, at 5.9 percent, while Alaska recorded the lowest rate at -1.1 percent.

Low growth in personal income

As Connecticut's economic expansion trailed the U.S. rate, so did its personal-income growth. In the second quarter, personal income in the state increased 4.1 percent on an annual basis, compared with a national level of 5.3 percent.

Connecticut's personal income-growth rate ranked joint-44th among the states. Among neighboring states, personal income grew 5.8 percent in New York, 2.8 percent in Massachusetts and 4.6 percent in Rhode Island. South Carolina posted the highest growth rate, 6.9 percent. North Dakota accounted for the lowest rate, 2.3 percent.

"With the job openings, both at the entry level and advanced level, the opportunities are there to have personal-income growth at a higher rate," DiPentima said.

In the meantime, the half-point interest rate cut made last week by the Federal Reserve should alleviate the financial pressure on residents and businesses in the state.

"I don't see it affecting economic growth particularly in Connecticut or nationwide," Ball said. "But it should start to ease some of those financial constraints. And in theory, that should begin to make it a little easier to take out loans and do business."