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.
