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:

Sector
GDP ($ billions)
% of total GDP
Real estate and rental and leasing
9.8
15.9%
Health care and social assistance
7.0
11.4%
Manufacturing
6.3
10.3%
State and local
5.3
8.5%
Retail trade
5.2
8.3%

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

Sector
GDP 5-year CAGR
Management of companies and enterprises
14.4%
Finance and insurance
6.5%
Mining, quarrying, and oil and gas extraction
6.4%

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):

Funds
Improvement Area
$1.3 billion
Roads and highways
$390 million
Water infrastructure
$234 million
Public transportation
$225 million
Bridges replacement and repair
$100 million
Broadband (minimum allocation)
$74 million
Airports
$19 million
Electric vehicle (EV) charging network
$13 million
Cyberattacks protection
$10 million
Wildfires protection

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 rbarbosa@morrisseygoodale.com or 972.266.4955. Connect with him on LinkedIn.

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