State forecasters say the Maine economy continues to grow at a pace slightly ahead of original projections, which will translate in additional revenues.
Mike Allen, the associate commissioner for tax policy who chairs the Revenue Forecasting Committee, says it’s not clear how much of that is a one-time windfall, and how much will be ongoing.
“That is the big question, and that’s what we will be working on over the next month to try and figure out, just how much of the revenue we are seeing is one time,” says Allen.
Some sectors are growing faster than others, but overall, the consensus of state forecasters is that Maine’s economy is growing.
“It’s a pretty strong economy. Third-quarter GDP figure came out today, 3.5 percent growth…that was after 4.2 percent in the second quarter, so it looks like the U.S. economy, the Maine economy, is moving right along.”
