Maine has the ninth worst economy in the country, according to a recent study by personal finance website WalletHub.
This report also found that Maine has the second lowest median annual household income, followed only by West Virginia.
In order to determine the overall ranking order, WalletHub scored states along three metrics: economic activity, economic health, and innovation potential.
Maine scored most strongly with respect to its economic health, coming in thirtieth nationwide, and was found to be at its weakest in terms of innovation potential, ranking forty-first. The state was ranked thirty-eighth for its level of economic activity.
WalletHub describes the economic health category as encompassing factors like unemployment, median annual household income, the share of the population in poverty, the foreclosure rate, and the growth in state personal income.
Innovation potential incorporates statistics such as the share of jobs in high tech industries, the amount of independent inventor patents per 1,000 working-age individuals, and entrepreneurial activity as measured by the rate of new entrepreneurs, the opportunity share of new entrepreneurs, and startup density.
The study measured states’ economic activity by taking into consideration figures including the change in gross domestic product (GDP), exports per capita, and startup activity.
Last year, Maine was found to have the tenth worst economy in the nation, a slightly better ranking than it earned in 2024.
The 2023 rankings were based on the same three categories of economic activity, economic health, and innovation potential.
[RELATED: Maine Has the 10th Worst State Economy, Study Finds]
Earlier this year, WalletHub also found that Mainers are responsible for the some of the highest tax burdens in the country.
These reports concluded that Maine taxpayers shoulder the country’s highest property tax burden in the country, as well as the nation’s fifth highest vehicle tax burden.
[RELATED: Mainers Bear Nation’s Highest Property Tax Burden, 4th Highest Tax Burden Overall — WalletHub Study]
Maine was also determined to impose the fourth highest overall tax burden, with a total of 10.74 percent of residents’ personal income going toward taxes.
The state’s effective property tax rate came in at 4.86 percent, while the effective vehicle tax rate was found to be 2.40 percent.
According to these studies, Mainers fare comparatively well with respect to their individual income tax burden, as well as their sales and excise tax burden.
These figures came in at 2.59 percent and 3.29 percent respectively, earning Maine a rank of twenty-one for income tax and twenty-four for sales and excise tax.
[RELATED: Vehicle Owners in Maine Pay One of the Highest Tax Rates in the Country — WalletHub Study]
Click Here to Read the Full June 2024 WalletHub Study
Keep voting Democrat: they can bring this economy to the absolute worst in the nation! Yes We Can!
Turns out a full slate of angry hags running the show does not engender prosperity
Shocking
Whaddya expect with dems running or should I say ruining the show for so long!
Democrat leadership at it’s best! VOTE THE BUMS OUT IN NOVEMBER.
And the pols in Augusta just keep fostering failure.
They make the state and the cities and towns unfriendly to businesses that could make good jobs available in favor of more welfare “affordable” housing and people who don’t work, or are here illegally.
It costs more for the schools and police and everything else.
They don’t care because the more people they can get dependent on govt, the more power they have.
I stopped listening to Shawn Moody on GAN because I can’t take him claiming the illegals came here to work any more.
Mills and the Dirty Dems need to put LePage’s restrictions back on welfare.
Time to get Janet Mills and the rest of these Democrat Communists out of office. They’re destroying our State. I’ve lived here all my life and it’s the worst it’s EVER been.
If the entire modern conservative playback wasn’t built on conspiracy theories, racism, white supremacy and Jim crow/goebels era propaganda people like mills wouldn’t get votes.
Keep wearing them big red felon hats though and keep crying about anyone with decency running as far left from you as they can get.
Mainers are taxed to death. It’s no surprise the 20 year olds move after college.
Thanks John
We could all tell where you are right after the first sentence .
You are part of the problem .
Awww John Edward…no need to lash out just because you guys cannot own slaves legally anymore. It’s time your party got over that whole thing. Maybe you should go take a shower with your Daddy to make you feel better. If it works for Ashley, it can work for you too. When you spew your garbage, it makes us all so happy that this news site continually is able to ruin your day. That’s all your dumb comments prove. You certainly aren’t changing hearts and minds here. Bahahahahahahaha. Loser.
Voting or not Voting has Severe Consequences!
Vote NO on Gorham $53 mil. School Budget!!!!!
Don’t worry, folks. The Sears Island windmill project will give Maine the boost it needs to be more competitive with other states. 🤥
Virginia has the highest median household income. I wonder if that has anything to do with being the government workers who live in its northern counties. They are after all, among the wealthiest in the country because government work pays in oh so many ways.
Something Mills can be proud of — won’t Uncle Soros be pleased