The Maine Jobs Council commissioned a study of national state rankings based on economics, and that study found Maine ranked in the bottom fifth of nearly every ranking, according to a memo obtained by the Maine Wire.
“[O]ver the 22 criteria, Maine is in the bottom 10 in 19 of them. We are also 40th in job growth and cost of living, 39th in reliance on federal funding, and 38th (our “best” score) in the cost of energy,” the memo states.
“Compared to New England states, states below $100 billion GDP, and states with less than 2 million population, West Virginia had the second most bottom 10 rankings with 16, followed by Vermont with 13, Alaska with 12 and Hawaii with eleven,” states the memo
“No other state had more than eight, so there’s a case to be made that overall, Maine has the lowest rankings in the country,” it states.
The Maine Jobs Council is a non-partisan, non-profit group that advocates for economic prosperity through the creation of quality jobs in state. Some of the rankings included in the memo have been published to their website.
Here is an excerpt from the memo that includes some of those 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 better able 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 #44 (8th worst)
Source: WalletHub 2022 “Best and Worst State Economies”
At $45,047, Maine’s per capita GDP ranks #42 (9th lowest)
Source: U.S. Department of Commerce, Bureau of Economic Analysis, 2021 Calculation by Univ. of Kansas
Business Climate
Maine’s regulatory environment ranks #48 (3rd worst)
Source: Forbes 2022 “Best States for Business”
Maine’s business environment ranks #46 (5th worst)
Sources: U.S. News & World Report, “Business Environment Rankings”
Maine’s ranks #43 (8th worst) for top states for businesses.
Source: CNBC’s 2022 “Americas Top States for Business”
Investment
Maine ranks #42 (9th lowest) for venture capital investment.
Source: National Venture Capital Association, 2022 Yearbook
Maine Ranks #47 (4th worst) for Access to Capital for businesses.
Source: CNBC’s 2022 “Americas Top States for Business”
Infrastructure
Maine’s infrastructure ranks #49 (2nd worst)
Source: CNBC’s 2022 “America’s Top State’s for Business”
Income and Wages
Personal income in Maine ranks #42 (9th lowest)
Source: U.S. Department of Commerce, Bureau of Economic Analysis
Cost of Living
At 115% of the U.S. average, Maine’s cost of living ranks #11 highest
Source: Missouri Economic Research and Information Center, Cost of Living Data Series
Health Care Costs
AT $9,531, Maine ranks #9 highest for per capita health care spending.
Source: Kaiser Family Foundation, Health Care Expenditures per Capital By State
Energy Costs
Maine ranks #13 highest for energy expenditures per capita, but #7lowest in energy production.
Source: U.S. Energy Information Administration
Tax Burden
Maine ranks #3 highest for Overall Tax Burden
Source: WalletHub 2022 Tax Burden by State
Income Tax
At a top rate of 7.15%, Maine’s income tax ranks #10 highest
Source: Tax Foundation, State Individual Income Tax Rates and Brackets for 2022
Property Tax
At 5.48%, Maine’s property tax rate ranks #1 highest
Source: WalletHub 2022 Tax Burden by State
Corporate and Business Taxes
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 2023
Workforce
Top At 21.7%, Maine ranks #1 for the percentage of its population over 65
Source: U.S. Census Bureau
At 18.4%, Maine ranks #2 lowest for the percentage of its population under 18
Source: U.S. Census Bureau
Maine’s workforce ranks #43 (tied for #6 worst with W. Virginia and S. Dakota)
Source: CNBC’s 2022 “America’s Top State’s for Business”
Job Market
Maine job market ranks #44, due to low wages, few job openings and few hires
Source: Balancingeverything.com, The US States with the Best Job Market
Federal Dependency
At 42.9% of its total state revenue, Maine ranks #12 for most reliant on federal funds
Source: Pew Charitable Trusts, Fiscal 50: State Trends and Analysis
Averaging +$6,676 per capita for the past six years, Maine ranks #10 among states receiving more in federal funding than it pays in federal taxes
Source: Rockefeller Institute of Government, Balance of Payments 2022
