The personal income of Mainers is still behind their New England neighbors and the national average, according to newly released federal data.
The Portland Press Herald reported that new figures from the Bureau of Economic Analysis show that Maine’s personal income grew 2.9% in 2014. By comparison, the national average increased by 3.9%. Connecticut’s personal income grew 3.0%, while the growth rate for the remaining New England states was 4.0% or higher.
The primary culprit for Maine’s slow income growth was personal transfer receipts, which grew 2.3% under the national average of 4.5% and includes payments from programs like Social Security, Medicaid, Medicare and veterans’ benefits. Maine’s earnings growth was only 1.97%, below the national average of 2.94%.
Source: Portland Press Herald
