Maine's GDP grows by 4.2% in second quarter of 2015
The total amount of goods and services produced in Maine grew 4.2% during the second quarter of 2015, with the largest percentage increases occurring in real estate and finance and insurance, according to figures released by the federal government Thursday
The gross domestic product growth between April and June was in contrast to the state’s 10.3% decline in the first three months of the year, when Maine was one of only four states to see double-digit percentage declines in GDP.
Nationwide, GDP grew by an average of 3.8% in the second quarter of 2015 after increasing 0.7% in the first quarter of 2015.
Thursday’s report was the first time the U.S. Bureau of Economic Analysis has released quarterly GDP numbers for states.
In Maine, real estate, rentals and leasing led the growth by increasing 0.91%, and finance and insurance increased 0.82%.
Charles Lawton, an economist with consulting firm Planning Decisions Inc., told the Portland Press Herald that the strong real estate growth reflects Maine’s growing popularity as a location for people looking for a second home.
The report found that non-durable goods manufacturing, educational services and entertainment and recreation had the largest decreases, dragging down overall GDP by a combined 0.15%.
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