Key Facts
- Per Capita Real GDP
- $30,282 Rank: 43/50 (2007)
- Population
- 1,316,460 Rank: 40/50 (2008)
- Per Capita Personal Income
- $32,348 Rank: 34/50 (2006)
- Unemployment Rate
- 5.00% Rank: 36/50 (2008)
- Business Tax Climate Index
- Rank: 41/50 (2008)
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Maine: Introduction
Maine is located in the northeast corner of the United States. The state’s landscape is characterized by bountiful natural resources and attractions such as lakes, streams, the coast, and deep forest. These attributes were strongly tied with the area’s the earliest economic activities, which included trapping, fishing, farming, lumbering, and shipbuilding. The state’s natural beauty also attracts many tourists who help to augment the economy.
Nearly 90 percent of Maine is covered in forest, and the manufacture of wood products has been at the core of the state’s economy since the first European colonists came to the land. For over 400 years, a vibrant shipbuilding industry took advantage of the state’s abundant lumber and proximity of the sea. Fishing used to be one of the largest sources of jobs in Maine but fish stocks have been depleted and now only contribute marginally to the economy. Maine is still a leading producer of many shellfish, especially lobster. In the early 19th century the economy shifted towards manufacturing, though its dominance was short-lived as the service sector soon gained the leading position in the economy. The latter transition was largely due to strong growth in the tourism industry.
Maine has a diversified economy that is currently led by the service sector. Manufacturing is another major industry, thanks in part to the abundance of trees that are used for paper production. Maine still maintains its history in shipbuilding, though now the industry is mostly focused on production for the U.S. Navy. Agricultural activities within the state are minimal, though Maine is one of the leading producers of potatoes within the United States.
