June 12, 2014
Maine ranks low in economic growth
Maine and other Northeast states had the slowest-growing economies in 2013, according to new estimates by the U.S. Bureau of Economic Analysis.
The Bangor Daily News reported that Maine ranked 41st in growth for gross domestic product from 2012 to 2013, with only a 0.9% increase. While states like New York and Pennsylvania ranked behind Maine, others like Vermont and Rhode Island saw larger increases in economic growth. Connecticut and New Hampshire, meanwhile, had growth identical to Maine’s.
The new estimates, expected to be revised later, also show changes in previous GDP totals. Maine’s GDP actually shrank by about 1.1% in 2011, while growth for 2010 was revised down to 1.2% from 1.8% and growth for 2012 was revised up to 0.6% from 0.5%.
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