Maine sees sluggish economic growth at end of 2016

AUGUSTA, Maine (AP) - Maine ranks 43rd in the nation in terms of economy growth late last year.

The state's economy grew just 0.7 percent in the final three months of 2016. That makes Maine the slowest-growing state in New England, where the average growth rate was 1.9 percent.

The Bureau of Economic Analysis's ranking comes as the state sees record-low unemployment. Maine's international exports grew by almost 5 percent from 2015 to 2016.

The state's chief economist has said that Maine returned to the pre-recession peak of about 620,800 jobs, meaning it has made up roughly 25,000 jobs that were shed.

But while some areas are booming, others are struggling.

Officials say some of the biggest drags on Maine's economy are real estate, rental and leasing as well as a decline in manufacturing.

Copyright 2017 The Associated Press


JOIN THE CONVERSATION

To find out more about Facebook commenting please read the
Conversation Guidelines and FAQs

Leave a Comment
TRENDING VIDEOS