Updated: August 2, 2021
Doing business in Maine becomes a reality for more people
We know the pandemic convinced many city dwellers to move to Maine.
We saw double digit increases in home sales, double digit increases in the price paid for existing homes and even a small nudge up in Maine’s population, according to the latest U.S. Census figures.
But quantifying whether businesses moved here may be a bit tricker. We have heard anecdotal information about people working remotely for companies in Boston, New York, California and so on.
We have new residents, but Maine would still like to see new businesses here and companies moving here.
With that in mind, this year’s Fact Book will return to its focus of “Doing Business in Maine.”
A few highlights:
- Q&As with leaders of CEOs, entrepreneurs and funders
- What $276,000 (the median home price for a hot second) buys you in 6 Maine locations
- Top 10 trends that defined 2020-21, including the crazy home sales, new efforts to expand broadband and new, pandemic-driven ways to do business
- How the life science industry took off in Maine, looking at the growth of IDEXX and Covetrus and the companies that have spun out of them
- A wide range of lists and data
We hope that this annual issue of Fact Book helps inspire more businesses to set up operations in Maine.
How Maine stacks up on a range of factors
Maine ranks high in a number of national rankings, particularly if they have to do with quality of life — best places to live, best schools, best value for the dollar and so on. But Maine is also a state with a relatively small population and an aging population at that, so it ranks lower on some other lists — such as economic growth. Here’s an overview of where Maine ranks in some different areas.
Where Maine ranks high
Maine ranked No. 2 on a list of “Safest states during COVID-19,” measuring factors like the rates of vaccination, positive tests, hospitalization, deaths and virus transmission. Only Vermont ranked higher, and all six New England states ranked in the top 10. (WalletHub)
Among “Best states to live,” Maine ranked No. 19. New Jersey ranked No. 1. (WalletHub)
Maine had no companies on the Fortune 500, but Portland-based Covetrus, which provides animal health technology and services, ranked No. 593 on Fortune’s expanded list, while another animal health company, Westbrook-based IDEXX Laboratories, ranked No. 800.
Maine ranked No. 10 among states with the best job opportunities and working conditions for nurses. (WalletHub)
Maine ranked No. 8 on the “state report on early-stage entrepreneurs,” which looked at the rate of new entrepreneurs, opportunities, job creation and survival rate, among other factors. (Ewing Marion Kauffman Foundation)
Maine has the third-highest rate of inbound moves, behind Idaho and North Carolina. (Atlas Van Lines)
Bangor and Portland ranked No. 2 and No. 3, respectively, among best small cities in which to launch a small business. Only Ithaca, N.Y., ranked higher. (WalletHub)
Bar Harbor ranked No. 1 among “Best small towns to visit in the USA,” edging out Telluride, Colo., and Jackson, Wyo., while Kennebunkport ranked No. 21. (U.S. News & World Report)
Portland ranked No. 11 among the “best U.S. cities for job seekers,” with Lewiston ranking No. 28. (WalletHub)
Where Maine needs improvement:
Maine ranks No. 6 among states with the highest energy costs, driven by the cost of heating oil. Energy expenditures average $370 a month. (WalletHub)
Maine earned a grade of “poor” for hurricane preparedness, scoring 55 out of 100. Among 18 states evaluated by the Insurance Institute for Business & Home Safety, it ranked No. 13.
Maine’s economy ranked No. 44 and last among Northeast states, based on 29 criteria in three categories: economic activity, economic health and innovation potential. The criteria included factors such as the percentage change in each state’s gross domestic product during 2020, the growth in number of businesses, the share of the population living in poverty and the per capita level of research and development funding. (WalletHub)
While Maine has a number of retirees, the state only ranked No. 28 for “retirement friendliness,” looking at metrics related to affordability, quality of life and health care. (WalletHub)
Teachers’ pay in Maine is among the worst, ranking No. 48. (WalletHub)
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