Maine's economy finished 2021 with strong economic growth
Maine's economy finished 2021 with strong economic growth. The federal Bureau of Economic Analysis reported Thursday the state's Gross Domestic Product grew at a 6.8% annual rate. For all of 2021, Maine's economy grew 5.2%.
The three sectors that contributed the most to Maine's 4th quarter growth were real estate, accommodation and food service, and agriculture. Construction was the biggest drag on growth in the 4th quarter.
Maine's red-hot real estate sector was the biggest contributor to economic growth during 2021 as a whole.
The state's 5.2% increase in economic output for the year was the biggest such annual gain since at least 1999, when Maine's Gross Domestic Product grew by 5%. Last year also benefited from the contrast with 2020, when the state's economy was largely shut down for a time due to the pandemic.