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Business and Economy

Personal Income Grows In Maine, But Increase Lags The Nation

Mainers' personal income grew another 3.3 percent in the third quarter of this year. That's according to the federal Bureau of Economic Analysis.But the figures show that personal income growth in Maine slowed significantly in the third quarter compared with the first, and lagged behind that of the nation and New England.

In Maine, wages made up the biggest part of the gain in personal income - more than dividends, interest and government payments combined.

By sectors, farming and forestry were drags on Mainers' income.  The biggest boosts came from the health and social service sectors, plus accommodations and food service, and state and local government employment.

The trend nationally, and in New England, was robust increase in income in the first quarter, a slowdown in the second quarter and a slight improvement in the third. 

New Hampshire was an extreme case:  Personal income there rose more than 9 percent in the first quarter of this year, actually fell a fraction in the second, and rose just over 5 percent this quarter.