Report finds mixed economic progress
Maine is performing well in international exports and conservation, but flailing when it comes to meeting benchmarks in R&D expenditures and the cost of doing business, according to a new report from the Maine Economic Growth Council.
The council yesterday released its annual Measures of Growth report, which tracks state progress in 25 economic indicators, including per capita personal income, state and local tax burden and cost of energy. The council gave gold stars to the growth of Maine's exports, which beat the national export rate of 16% (for more on exports, see the above item). The growth of the state's land under conservation also hit the council's benchmark of 1.8 million acres by 2010. However, the group red-flagged R&D expenditures, which have failed to increase as a percentage of gross domestic product, as well as the cost of doing business, which was 14.1% higher than the national average in 2008. It also called out the high cost of health care, which continues to top the national average as compared to growth in personal income.
Read the entire report here.
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