50 in 50: Maine

50 in 50: Maine

50 states in 50 weeks: U.S. states economic and infrastructure highlights.

Key Economic Indicators

GDP: $61.8 billion

GDP 5-year compounded annual growth rate (CAGR) (2017-2021): 2.2% (U.S.: 1.6%)

GDP per capita: $45,823 (U.S.: $58,154)

Population: 1.4 million

Population 5-year CAGR (2017-2021): 0.7% (U.S.: 0.5%)

Unemployment: 3.1% (U.S.: 3.9%)

Economic outlook ranking: #44 out of 50

Fiscal health ranking: #30 out of 50

Overall tax climate ranking: #33 out of 50

Key Sectors and Metro Areas

Top five industry sectors by 2021 GDP:

Top three industry sectors by GDP 5-year CAGR (2017-2021):

Top three metro areas by GDP:

• Portland-South Portland
• Bangor 
• Lewiston-Auburn

Top three metro areas by population percentage increase in 2021 vs. 2020:

• Portland-South Portland
• Bangor 
• Lewiston-Auburn

Infrastructure Highlights

Infrastructure: ASCE Infrastructure Grade (2020): C-

Maine will receive upwards of $2.3 billion in funds from the Bipartisan Infrastructure Law (BIL) over the next five years, which will help the state address critical dams, hazardous waste, roads, transit, and wastewater infrastructure issues. A variety of projects have been announced for Maine communities. Rural roadways and water utilities are special focal points for improvements throughout the state. Baileyville, Bingham, and Fort Kent, for example, will use funds to improve storm drains and water lines. Additionally, the EPA granted funds to the University of Southern Maine which will not only prevent industrial pollution but also improve best practices and resources in the craft beverage industry across the state. Maine’s BIL funds will address the following categories of projects (additional funds may be deployed as federal grants get awarded to states):

Construction spending (Value of Construction Put in Place – CPiP):

• Private Nonresidential 2021 CPiP: $1.2 billion; 17.7% 5-year CAGR (2017-2021), above overall U.S. CAGR of 1.4%
• State & Local 2021 CPiP: $1.4 billion; 36.1% 5-year CAGR (2017-2021), above overall U.S. CAGR of 4.0%

AE Industry

ENR 500 firm headquarters (2022): 1

M&A activity since 2018:

• 14 deals with buyers from Maine
• 18 deals with sellers from Maine

For customized market research, contact Rafael Barbosa at [email protected] or 972.266.4955. Connect with him on LinkedIn.