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The exception was Maine, where the unemployment rate remained flat year-over-year (Exhibit 4). Popham Colony was the first organized attempt to establish a permanent English settlement in what we now call New England. Phone: (207) 624-7800 • In the third quarter of 2018, Maine grew at an annual rate of 2.6%, which was slower than the overall US growth rate of 3.4%. China's economy grew by 2.3% last year, according to data published Monday by the country's National Bureau of Statistics . Economy Maine lobster catch down in 2019, but value stayed high. State of Working Maine 2019 Page 5 Several traditional indicators suggest Maine’s economy is improving and growing. Maine Real Estate Maine's Economic & Business Climate . This annual report is produced in conjunction with the Maine Economic Growth Council (MEGC) and informs discussion on a variety of indicators that speak to Maine’s economic performance and the quality of life of Maine people. (1) Number of persons, in thousands, seasonally adjusted. Measures of Growth 2016. Real Maine GDP, at $67.717 bn in 2019, is at the highest level recorded to date. See The Maine Economy. This statistic shows the development of Maine's real GDP from 2000 to 2019. 2020 State of the Districts Dive into the data to discover the economic trends in Maine’s legislative districts, and how they compare with other regions in Maine. The 2019 numbers were below those reported the year before, when 65% of U.S. graduates had loan debt, according to the institute. Maine is one of the whitest states in the country, according to U.S. Census data, but the state’s recent population growth is largely driven by people of color moving to the state, the newspaper reported. Maine’s quality of life depends upon a vibrant and sustainable economy, thriving communities, and a healthy environment. Two significant factors are testing even the healthiest commodity-based businesses: The strong U.S. dollar is stifling exports and China’s economic downturn is … “It’s just incredible, actually astounding. Snowmobiling contributed $459 million in direct spending and 2,279 jobs in the 2018-2019 season, according to a University of Maine study. Nearly 89% of Maine's land area is covered by forest. Maine’s Economy MECEP Map: Economic Insights for Maine's Legislative Districts. County Employment And Wages In Maine — Fourth Quarter 2019. Author: Don … Throughout the summer, fishermen were reporting a very slow harvest. Note: More data series, including additional geographic areas, are available through the "Databases & Tables" tab at the top of this page. What to expect from Maine’s economy in 2019. In other measures, Maine slipped against benchmarks, including poverty, gross domestic product, international exports, entrepreneurship, postsecondary degree attainment and occupational credentials, cost of energy, transportation infrastructure, housing affordability and wellness and prevention. For legislators and the general public to understand Maine’s recent changes in the forest economy, they need to look at a global picture. Civilian Labor Force . April, 2017. Source: U.S. Bureau of Labor Statistics The .gov means it's official. Maine’s animal health industry has grown tremendously throughout the decade, with three of the state’s four non-bank publicly traded companies in that space as of 2019. Trends in Maine Real GDP. Maine's real gross state product in 2012 was estimated to be $45,986 which was $141,454 and 76% lower than the national state average, $187,440. Measures of Growth 2017. November 22, 2019: State Economist Amanda Rector presented on the Economics and Demographics of Maine at the UMaine Faculty Fellows Opening Session. Considering the region as a whole, the unemployment rate decreased 0.5 percentage points year-over-year, landing at 3.1 percent in April and in May 2019, which is the lowest unemployment rate for the region since February 2001. The Bureau of Economic Analysis estimates that Maine's total gross state product for 2017 was $61.4 billion, representing a 1.4% growth rate over the previous year. The U.S. economy is improving after the destruction caused by the COVID-19 pandemic. Data extracted on: January 15, 2021 Source: U.S. Bureau of Labor Statistics Note: More data series, including additional geographic areas, are available through the "Databases & Tables" tab at the top of this page. Maine New England boasts a rich quality of life, but poor infrastructure makes it difficult to get around. By most statistical measures Maine is an economically depressed state, yet the rugged beauty and challenge of its climate and landscape and the character of its people have given Maine an importance beyond its economic and political power. The annual report from the nonpartisan Maine Economic Growth Council uses a number of measures to compare Maine’s economy to New England and the United States, the Portland Press Herald reported on Wednesday. Including indirect spending, snowmobiling generated more than $606 million dollars in total to the state's economy. ... Maine Economy at a Glance: Maine; Data Series Back Data June 2020 July 2020 Aug 2020 Sept 2020 Oct 2020 Nov 2020; Labor Force Data. Per capital personal income in 2017 was $45,072, ranking 31st nationally. (The Center Square) – With 4.7% of its total employment working in outdoor recreation, Maine is the third most heavily involved state in the industry, according to statistics that The Bureau of Economic Analysis released in a recent report.. Adding Up Impact: Maine Nonprofits at Work 2019, MANP’s newest report on the economic and social impact of Maine’s nonprofit sector, illustrates how nonprofits are vital to making Maine communities better places to live, work and visit.. Download a free copy of the full report. This is an increase from the previous year, when the median household income in … Updated April 11, 2019. (p) Preliminary. The disconnect between Maine’s aging population and its need for young workers is expected to be mirrored throughout the country, demographic experts say. (2) In percent, seasonally adjusted. Maine’s economy grew faster in the third quarter of 2019 than in the prior three months, according to data released Friday by the U.S. Department of Commerce. PORTLAND, Maine (AP) — A report on Maine’s economy in 2019 reveals inequity in quality of life along racial lines and the importance of early childhood education. Portland-South Portland-Biddeford, ME (Metropolitan NECTA), Rochester-Dover, NH-ME (Metropolitan NECTA), Employment, Hours, and Earnings from the CES survey (State and Area), Create Customized Maps -- Unemployment Rates. Before sharing sensitive information, An official website of the United States government The numbers that we’re at right now year-to-date are 7.9% ahead of last year,” says Tom Cole, president of the Maine Association of Realtors. April, 2016. Read more The report also looked at prekindergarten attendance and found that 46% of 4-year-olds in Maine are enrolled, which is well above the national and New England averages. information you provide is encrypted and transmitted securely. In 2019, the real GDP of Maine was 58.53 billion U.S. dollars. This benefits Maine’s citizens and travel industry by protecting and creating jobs, boosting the state economy, and supporting amenities that both visitors and residents enjoy. MDF is pleased to release the 2019 Measures of Growth Report. Footnotes Maine’s value added per worker and investment in research in development remain among the lowest in the country, while the cost of doing business is among the highest, the newspaper reported. • Maine’s Gross Domestic Product finally recovered to its pre-recession level.1 While it took Maine’s GDP five years longer to recover than the nation’s as a whole,2 Maine’s economy since 2016 has The annual report from the nonpartisan Maine Economic Growth Council uses a number of measures to compare Maine’s economy to New England and the United States, the Portland Press Herald reported on Wednesday. Federal government websites often end in .gov or .mil. The Contact. https:// ensures that you are connecting to the official website and that any A long-term perspective on Maine’s economy. Sales numbers are now on track to be higher than in 2019, which itself was a record year. Maine includes the following metropolitan areas for which an Economy At A Glance table is available:. The increase was 2.2% over 2016 results. make sure you're on a federal government site. The comeback state of 2019: Kansas economy rebounds from tax-cutting disaster Connect with the definitive source for global and local news. The report added a measure of racial income inequity this year and found that between 2014-2018, income for people of color in the state was 39% less than for white Mainers. (3) Number of jobs, in thousands, seasonally adjusted. Just over a year after the world's first coronavirus cases were identified in China, the country's economy has bounced back from the ravages of the pandemic. ... Maine is divided into seven regions marketed by a nonprofit organization. It also ranks well for health care at 19th. Review our recommendations. (Source: BEA) • In February 2019, the unemployment rate was 3.4%, up from 3.2% in February 2018. At the Governor’s Conference on Tourism held April 9 and 10, the Maine Office of Tourism shared the 2018 economic impact figures: –Tourism supports 110,000 jobs in Maine (1 out of every 6 jobs) PORTLAND, Maine (AP) — A report on Maine’s economy in 2019 reveals inequity in quality of life along racial lines and the importance of early childhood education. This was below the February 2019 The site is secure. This cautiously positive outlook is based on experts' reviews of the key economic indicators, including gross domestic product (GDP), unemployment, and inflation. Maine is the 12th-smallest by area, the 9th-least populous, and the 13th-least densely populated of the 50 U.S. states. State Economist 78 State House Station Augusta, ME 04333. November 20, 2019: State Economist Amanda Rector presented on Maine's Economic Outlook to Midcoast Assessors. Maine is the most sparsely populated state east of the Mississippi River.More than four-fifths of its total land area is under forest cover. November 31, 2019: Maine Economic Indicators - November 2019. June, 2018. Here is how you know. ; We all play a role in ensuring nonprofits work for Maine! Analysts also have taken a hard look at interest rates, oil and gas prices, jobs, and the impact of climate change. The University of Maine and the Maine Snowmobile Association released data from the 2019 season that showed the snowmobiling industry generated $459 million in direct spending to Maine's economy. Maine’s economy is the best it has been since the great recession of 2008 as the Pine Tree State enters 2019 with a higher minimum wage, a budget surplus of more than $175 million and unemployment at 3.4 percent, below the national average. Maine has the 44th highest GSP out of the 50 states.Maine has a wealth of natural resources that support a large part of the state's economy. In 2019, the median household income in Maine amounted to 66,546 U.S. dollars. Maine’s only large county, Cumberland, reported an employment gain of 1.1 percent from December 2018 to December 2019. An integrated marketing and PR campaign that leverages the core natural and cultural assets of Maine to attract visitors to the state. From the 2016 rate of 1.9 % was up from 3.2 % in February 2019, is at the of. Integrated marketing and PR campaign that leverages the core natural and cultural assets of Maine 's Economic Outlook Midcoast! In ensuring nonprofits work for Maine Exhibit 4 ) core natural and cultural assets of Maine 's Economic Business! Much lower than the final Number shows popham Colony was the first organized attempt to establish a permanent English in... Highest level recorded to date an Employment gain of 1.1 percent from 2018. 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