Maine Lags New England, Nation in Per Capita Personal Income
At just over $55,000, Maine neighbor New Hampshire ranks 8th in the nation for personal per capita income. Massachusetts comes in second at $61,000. Lagging behind at 35th is Maine, which saw per capita personal income last year at just over $42,000.
Figures released today by the U.S. Bureau of Economic Analysis indicates income in Maine grew 3.2 percent in 2015, which again puts it toward the bottom of the list among the states.
Garrett Martin, executive director of the progressive Maine Center for Economic Policy, says in many instances, the greatest bump up in income in this country is from dividends and interest.
“What that suggests is that, for high-net-worth individuals who have investments, the rebound is on and you’re starting to see that in these data, but for workers who are relying on their wages to make a living, in states like Maine, they’re still lagging behind,” he says.
The conservative Maine Heritage Policy Center says the income growth Maine saw last year is due to reforms made under the LePage administration such as reducing the income tax rate and cutting estate taxes.
“We believe that some of the reforms made under the LePage administration have put us the right direction, such as reducing the income tax and increasing the top tax bracket that comes into play significantly,” says Krysta Lilly with the center.
She says there still work the state can do to make Maine more inviting for businesses.