Rankings

Ranking Maine vs. Other States


Maine is in a competition with other states for jobs, workers, and investments – critical ingredients for economic growth. States that are winning this competition are more self-sufficient and provide better opportunities to support families, build wealth, grow communities, and generate tax revenue to fund public services. 

So, how does Maine rank among the 50 states?


Economy:

  • Maine’s economy ranks #42 (9th lowest)

 Source: WalletHub 2019 “Best and Worst State Economies” 

  • At $66 billion, Maine’s Gross Domestic Product (total value of products/services) ranks #43 (8th lowest)

 Source: U.S. Department of Commerce, Bureau of Economic Analysis 

  • At $66,196, Maine’s per capita GDP ranks #44 (7th lowest)

 Source: U.S. Department of Commerce, Bureau of Economic Analysis 

  • At $2.3 billion, Maine exports rank #46 (5th lowest). The 50-state average is $27 billion and the median state (Virginia) has export value of $16.4 billion. 

 Source: United State Census Bureau


Business Climate:

  • Maine’s regulatory environment ranks #48 (3rd worst)

 Source: Forbes 2019, “Best States Business” 

  • Maine’s business climate ranks #44 in multiple rankings (7th worst)

Sources: Forbes 2019 “Best States for Business” ranks Maine #44 and CNBC’s 2019 “Americas Top States for Business” 

  • Business costs in Maine ranks #43 (8th highest)

 Source: Forbes 2019 “Best States for Business” 


Investment:

  • At $46.3 million, Maine ranks #41 (10th lowest) for venture capital investment. The 50-state average is $2.7 billion and the top 15 states are over $1 billion each. Maine is $12 million behind Alabama (#40) and $5 million ahead of Hawaii (#42) and Iowa (#43).  

 Source: National Venture Capital Association, 2020 Yearbook 

  • Maine ranks #42 (9th lowest) for business “Access to Capital” 

Source: CNBC’s “America’s Top States for Business” 


Infrastructure:

  • Maine’s infrastructure ranks #47 (4th worst)

 Source: CNBC’s 2019 “America’s Top State’s for Business”

 

Jobs:

  • Maine’s projected job growth by 2028 ranks #50 among states. Maine is the only state in the U.S. that predicts negative job growth, both by numbers (-15,770) and percentage (-2.3%). The next ranked state (Michigan #49) projects positive job growth of 2,750.  

Source: United States Bureau of Labor Statistics 

  • Maine job market ranks #45, due to low wages, few job openings and few hires. 

 Source: Balancingeverything.com, The US States with the Best Job Market


Income and Wages:

  • Personal income in Maine ranks #42 (9th lowest)
  • Real personal income per capita ranks #40 (11th lowest)
  • At $966, average weekly wages (AWW) in Maine rank #36. The 50-state average is $1,078. Maine is one of 20 states with AWW below $1,000.  

Source: United States Bureau of Labor Statistics


Cost of Living:

  • At 116% of the U.S. average, Maine’s cost of living ranks #12 highest and higher than the U.S. average in all categories, including food, housing, utilities, transportation, health and miscellaneous costs. 

Sources: Missouri Economic Research and Information Center, Cost of Living Data Series 


Wages vs. Living Costs:

  • Among the 12 states with the highest cost of living, Maine has the lowest average weekly wage and the lowest “disposable income” (i.e., income after taxes).  
  • Among the 38 states with lower cost of living index than Maine, 28 have higher average weekly wages or higher disposable income. (Iowa, Texas, Illinois, Wisconsin, North Dakota, Florida, Virginia, Pennsylvania, Colorado, Delaware, New Hampshire, and Washington all have lower costs of living and higher average weekly wages and higher disposable income). 

Source: Missouri Economic Research and Information Center, Cost of Living Data Series and U.S. Department of Commerce, Bureau of Economic Analysis


Health Care Costs:

  • At 35% of household income, Maine’s health care cost burden ranks #4 highest 

Source: University of Pennsylvania, “United States of Care: The Burden of Health Care Costs for Working Families”  


Energy Costs:

  • At 9.53% of its total GDP, Maine ranks #10 highest for energy expenditures as a share of GDP 

 Source: U.S. Energy Information Administration

  • Maine ranks #6 highest for monthly household energy bills and #1 highest for monthly heating oil costs 

 Source: WalletHub, Energy Costs by State


Tax Burden:

  • Maine ranks #4 highest for Overall Tax Burden

 Source: WalletHub 2021’s Tax Burden by State 


  • At 11% Maine ranks #12 highest for state-local tax burden

 Source: Tax Foundation, State-Local Tax Burdens by State

 

Income Tax:

  • At a top rate of 7.15%, Maine’s income tax ranks #11 highest 

 Source: Tax Foundation, State Individual Income Tax Rates and Brackets for 2021


Property Tax:

  • At 1.27%, Maine’s property tax rate ranks #16 highest

Source: Tax Foundation, How High are Property Taxes in Your State? 

  • At $2,055, Maine property taxes per capita ranks #10 highest

 Source: USA Today, Property tax varies by state. Here’s a look at what you’ll pay” 


Corporate Tax:

  • At a top rate of 8.93%, Maine’s corporate tax ranks #7 highest

 Source: Tax Foundation, State Corporate Income Tax Rates and Brackets for 2021

 

Workforce:

  • Maine’s workforce ranks #45 

 Source: CNBC’s 2019 “America’s Top State’s for Business” 

  • At a rate of 2.6%, Maine’s population growth between 2010-2020 ranked #42 (9th lowest) and Maine’s total numerical population growth ranked #43.

 Source: U.S. Census Bureau 

  • At 21.2%, Maine ranks #1 for the percentage of its population over 65

 Source: U.S. Census Bureau 

  • At 18.5%, Maine ranks #2 lowest for the percentage of its population under age 18

 Source: U.S. Census Bureau 



Federal Dependency

  • At +$4,705 per capita, Maine ranks #12 among states that receive more in federal funding than they pay in federal taxes. Maine receives $1.56 in federal funds for every dollar it pays in federal taxes, which is 25% higher than the 50-state average. 

 Source: Rockefeller Institute of Government


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