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Maine continues to notch above-average economic growth

Some Rangeley business owners say they usually close in April, during the shoulder season between winter and summer tourism, but nearly all were open for eclipse week.
Ari Snider
/
Maine Public
Downtown Rangeley in April, 2024.

Maine continues to outpace the country as a whole in economic growth, even as the rate of increase has slowed. That's according to a new report from State Economist Amanda Rector.

Maine's GDP grew at an annualized rate of 3.6% in the third quarter of 2024, compared to 3.1% for the national GDP.

Rector said Maine's above-average GDP growth is a trend that goes back to the pandemic. She said it stems in part from an increase in the number of people working in business and financial services.

"A lot of those are higher wage, higher productivity jobs, and so those contribute more to income growth and also to GDP growth," she said.

The December Economic Indicators report also took note of a national jump in small business optimism.

Rector said that jump typically follows an election, especially as many business owners anticipate tax cuts and loosened regulations under a Republican administration.

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SOMOS CONNECTICUT es una iniciativa de Connecticut Public, la emisora local de NPR y PBS del estado, que busca elevar nuestras historias latinas y expandir programación que alza y informa nuestras comunidades latinas locales. Visita CTPublic.org/latino para más reportajes y recursos. Para noticias, suscríbase a nuestro boletín informativo en ctpublic.org/newsletters.

The independent journalism and non-commercial programming you rely on every day is in danger.

If you’re reading this, you believe in trusted journalism and in learning without paywalls. You value access to educational content kids love and enriching cultural programming.

Now all of that is at risk.

Federal funding for public media is under threat and if it goes, the impact to our communities will be devastating.

Together, we can defend it. It’s time to protect what matters.

Your voice has protected public media before. Now, it’s needed again. Learn how you can protect the news and programming you depend on.

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