STATE ECONOMIC PROFILE
Maine Economic Overview
$76.6b
GROSS STATE PRODUCT
Growth Rate 2019-24
State Growth Rank
2.9%
10
1,404,893
POPULATION
Growth Rate 2019-24
State Growth Rank
0.9%
13
188,458
BUSINESSES
Growth Rate 2019-24
State Growth Rank
1.7%
43
Overview of the Maine Economy
In 2024, the state of Maine has a population of 1,404,893, having grown an annualized 0.9% over the five years to 2024, which ranks it 13rd out of all 50 US states by growth rate. Maine's gross state product (GSP) in 2024 reached $76.6b, with growth of 2.9% over the 5 years to 2024. Businesses in Maine employed a total of 843,908 people in 2024, with average annual employment growth over the past five years of 0.6%. The top three sectors by total employment are Real Estate and Rental and Leasing, Healthcare and Social Assistance, Retail Trade, while the unemployment rate across the state in 2024 was 3.6%.
What is Maine's Gross Domestic Product (GDP)?
In 2024, Maine's GDP reached $76.6b, representing an increase of 2.9% from 2023. Maine's GDP has grown at an annualized rate of 3.9% over the five years to 2024. Moreover, Maine's trailing five-year GDP growth ranks it 10th out of all 50 US states.
State GDP, or Gross State Product, is a measurement of a state's output, or the sum of value added from all industries in the state. It is a common indicator used to track the health of a state's economy.
You can track trends in Maine's GDP, and compare them to the national average, using the chart below.
STATE ECONOMIC PROFILE
Maine Industry Trends
What are Maine's Largest Industries by Revenue?
The largest industries by revenue in Maine are Navigational Instrument Manufacturing, Life Insurance & Annuities and Public Schools, which generated $78.8b, $8.2b and $7.9b in 2024.
STATE ECONOMIC PROFILE
Top Companies in Maine
Top 10 Companies Headquartered in Maine by Employment
The largest companies by employment in Maine are Mainehealth Services, State of Maine and Hannaford Bros. Co., LLC, which employed 25,000, 22,900 and 12,649 people in 2024.
STATE ECONOMIC PROFILE
Maine Sector Statistics
In Maine, certain sectors drive a higher share of state GDP and employ more workers than others. However, simply looking at raw numbers doesn't always tell the whole story. Factoring in the current year growth percentage, in addition to the annualized growth percentage over the past five years, will give you a deeper understanding of the economic situation.
What is Maine's GDP by Sector?
The Real Estate and Rental and Leasing, Healthcare and Social Assistance and Retail Trade sectors contributed the most to Maine's GDP in 2024, representing a combined 41.8% of state GDP.
GDP trends by sector are an important indicator of which sectors are contributing the most value-add to the state's economy, in addition to how the state economy is evolving over time.
What is Maine's Employment by Sector?
The Manufacturing, Healthcare and Social Assistance and Retail Trade sectors contributed the most to employment in Maine in 2024, representing a combined 55.2% of state employment.
Employment trends by sector are an important indicator of which sectors are growing or contracting most rapidly relative to the state economy as a whole.
STATE ECONOMIC PROFILE
Maine Employment Trends
843.9k
EMPLOYMENT
Growth Rate 2019-24
State Growth Rank
-0.1%
11
3.6%
UNEMPLOYMENT
Growth Rate 2019-24
State Growth Rank
4.6%
43
What Employment Trends are Impacting Maine?
The state of Maine employs 843,908 people in 2024, which ranks it 38th out of all 50 US states. Employment in Maine has grown at an annualized rate of -0.1% over the five years to 2024, underperforming the national average of 1.2%. Major sectors by employment in Maine include Manufacturing, Healthcare and Social Assistance and Retail Trade, which employed 250,416, 116,887 and 98,930 people in 2024, respectively. Maine's unemployment rate is 3.6% in 2024, which ranks it 26th out of 50 states. Maine's unemployment rate has trended upwards at a rate of 4.6% over the five years to 2024, overperforming the US economy as a whole. Employment trends indicate the degree of tightness or slack in labor markets, in addition to the overall strength of an economy. Faster employment growth typically indicates a strong and growing economy, while lower unemployment tends to imply tightness in labor markets.
You can track unemployment trends in Maine, and compare them to the US economy, using the chart below.
$87.5k
PER CAPITA DISPOSABLE INCOME
Growth Rate 2019-24
State Growth Rank
6.5
21
What is Maine's Per Capita Disposable Income?
Per capita disposable income, also known as disposable personal income (DPI), is the amount of money that the average person in an economy has available for spending and saving after accounting for income taxes. Maine's DPI in 2024 was $87.5k, compared to the US average of $128.6k, which places it 21st out of all 50 US states.
Disposable income is regarded as a key economic indicator as trends in disposable income are indicative of the level of aggregate demand, the state of labor markets and the financial strength of households.
You can track trends in Maine's per capita disposable income, and compare it to the US average, using the chart below.
STATE ECONOMIC PROFILE
Maine Construction & Building Trends
$1,309.1tn
NONRESIDENTIAL CONSTRUCTION
Growth Rate 2019-24
State Growth Rank
8.2%
36
$1.6tn
RESIDENTIAL CONSTRUCTION
Growth Rate 2019-24
State Growth Rank
11.4%
45
5,671
BUILDING PERMITS
Growth Rate 2019-24
State Growth Rank
2.9%
37
What can construction trends tell you about a state’s economy?
In Maine, non-residential construction was $1,309.1tn in 2024, which ranks it 36th out of all US states. Residential construction was $1.6tn in 2024, which places Maine 45th in the United States. The number of building permits issued in Maine in 2024 was 5,671, representing a 2.9% annualized growth rate between 2019 and 2024.
Trends in the construction sector are important because it creates jobs, income and tax revenue for a state. In addition, construction sector activity impacts other sectors in its supply chain, including manufacturing, wholesaling, warehousing, transportation, and real estate, rental and leasing services. Therefore, construction trends are important indicators of the health of an economy.
You can track trends in the number of building permits issued in Maine, and compare it to trends in the number issued in the United States as a whole, using the chart below.
STATE ECONOMIC PROFILE
Maine Population Statistics
Which Counties in Maine have the Largest Populations?
The counties with the highest populations in Maine are Cumberland County, York County and Penobscot County, which had populations of 311,238, 220,699 and 154,923 people in 2024.
STATE ECONOMIC PROFILE
Maine Demographics
Education Level Maine
Race in Maine
Maine State Industry Reports
IBISWorld State Industry Reports help you quickly understand how an industry performs at the state level compared with the national level by providing accurate and unbiased industry information with a local focus. Use this collection to:
- Discover key local industry trends
- Identify threats and opportunities at the subnational level
- Inform your business strategies and planning
See our list of 629 Maine Industry Reports.
