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Business and Economy

Feds: Maine's Economic Growth Accelerates in 3rd Quarter, But Lags In New England

Maine's economic growth accelerated in the third quarter of last year. The federal Bureau of Economic Analysis says the state's gross domestic product - or GDP - was growing at a 3.2 percent annual rate in the July-to-September quarter.

That was a marked increase over the 2 percent growth rate in the second quarter of this year and better than the 2.9 percent growth rate in the third quarter of last year. But it was the slowest growth rate of any New England state. New Hampshire had the greatest economic growth in the third quarter, posting a 4.4 percent annual rate.

Nationwide, Delaware led the states, with its GDP rising at a 5.7 percent annual rate.

Banking and insurance industry was one of the biggest contributor to economic growth in all 50 states. In Maine, it was the category that led growth in the state's GDP. Retail was the other big contributor to growth in the July-to-September quarter.

Industries experiencing slowdowns in growth were those in the so-called "non-durable goods" category - things like groceries, fuel and clothing, and construction.