Data from the U.S. Bureau of Economic Analysis finds Maine's Gross Domestic Product has increased by 9.2 percent since Governor Mills took office, among the highest rates of growth in the nation
New federal data shows that Maine is leading New England in economic growth and has experienced stronger growth in recent years than larger states like New York and California.
Data released recently by the U.S. Bureau of Economic Analysis (BEA) found that Maine's real Gross Domestic Product (GDP) -- a key measure of economic growth -- grew at 4.9 percent during the third quarter of 2023.
Since the fourth quarter of 2019 -- the year Governor Mills took office -- BEA data shows that Maine's real GDP has increased by 9.2 percent. Maine's rate of economic growth during the period was the best in New England and outperformed the growth of larger states like New York (3.5 percent), California (7.6 percent), and Virginia (8.2 percent).
"From day one, my Administration has been guided by the belief that to grow our economy, we must invest in our greatest asset: the people of Maine. This data shows that our investments in Maine people, solid fiscal management, initiatives to strengthen our workforce, and strong, innovative businesses are driving robust economic growth," said Governor Janet Mills. "I am proud of this achievement, and we will continue to work hard to improve the lives and livelihoods of Maine people and keep our state on the map as the best place to live, work, and raise a family."
"Maine's economy not only recovered from the pandemic -- it grew at faster rates than states with much larger populations and economies," said Heather Johnson, Commissioner of the Department of Economic & Community Development. "The Mills Administration will continue to do everything possible to harness this record economic growth and expand opportunity for Maine businesses and Maine people."
Since taking office, Governor Mills has prioritized programs and policies to position Maine's economy for strong and sustainable growth. In 2019, Governor Mills released a 10-Year Economic Development Strategy for Maine--the state's first in two decades--to serve as a dynamic roadmap to spur economic growth.
After the pandemic brought the global economy to a halt in 2020, Governor Mills brought together leading Maine economists and business leaders to form an Economic Recovery Committee to plan for the state's economic future.
Using the Committee's recommendations, the Governor unveiled her Maine Jobs & Recovery Plan to invest nearly $1 billion in federal American Rescue Plan funds to improve the lives of Maine people and families, help businesses, create good-paying jobs, and build an economy poised for future prosperity. Through the Jobs Plan, Maine put federal recovery funds from the Biden Administration and Congress to work faster than any other state in New England.
Since the Jobs Plan went into law on October 18, 2021, its initiatives have delivered $175 million to thousands of Maine businesses, created workforce opportunities for 25,000 people, and invested in more than 400 infrastructure projects statewide to bolster childcare, broadband, energy efficiency and weatherization, housing, and more.
Last year, Governor Mills put forward legislation--approved by the legislature--to modernize and strengthen Maine's outdated business incentive program. The Governor's Dirigo Business Incentive program is bult to tackle Maine's workforce shortage and attract high-value industries to Maine. The legislation, which will take effect next year, earned bipartisan support from the Maine Legislature, and praise from Maine business leaders, educational institutions, and the Maine State Chamber of Commerce.
Governor Mills and the Legislature have also built up the Budget Stabilization, or "Rainy Day" Fund to its statutory maximum of $968.3 million -- an increase of more than $758 million since Governor Mills took office in 2019 -- which, along with responsible budgeting and governing practices, has resulted in credit rating agencies such as Fitch Ratings, Moody's, and S&P reaffirming the State's strong creditworthiness and positive future outlooks.