Report: Personal income up, R&D lagging
Maine is making progress on increasing its per capita personal income and access to health insurance, but still lagging in R&D investment and other economic indicators, according to the new Measures of Growth report.
The Maine Economic Growth Council gave Maine a gold star for a per capital personal income of $36,457 in 2008, ranking in No. 30 in the country, a three-spot improvement over 2007. The star denotes the indicator made good progress in moving toward its benchmark, which is No. 25 by 2015. The council also awarded a gold star to health insurance coverage, which did not move toward its benchmark, but did remain above the U.S. average. In 2008, 90.5% of the Maine population was covered by health insurance, compared with 84.5% of the U.S. population.
However, the growth council gave red flags to four indicators it felt needed extra attention: research and development expenditures, higher degree attainment, cost of health care and cost of energy. R&D expenditures dropped to 1% of gross domestic product in 2006, down from 1.2% in 2005 and still far from the 3% benchmark set for 2015. The number of Maine residents with higher education degrees was 34.4% in 2008, relatively unchanged from 2000 and below the New England average of 42.9%. Maine's continuing high energy costs, 59% higher than the U.S. average, as well as the rise in health care costs, earned both indicators a red mark as well.
Read the entire report >>
Most Recent
Most Recent
Comments