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Maine's economic output grew faster than the rest of New England at the end of last year

A sign advertises for help The Goldenrod, a popular restaurant and candy shop, Wednesday, June 1, 2022, in York Beach, Maine.
Robert F. Bukaty
/
AP file
A sign advertises for help The Goldenrod, a popular restaurant and candy shop, Wednesday, June 1, 2022, in York Beach, Maine.

Maine's output of goods and services grew at a 4.4% annual rate in the fourth quarter of 2023. That was the fastest rate of economic growth of any state in New England. It also was ahead of the national growth rate of 3.4%.

The federal Bureau of Economic Analysis reports the fastest-growing sector of the Maine economy was retail, followed by the agriculture, forestry, fishing and hunting sector, and the nondurable goods manufacturing sector.

The economic growth may have been fueled by increases in Mainer's income. The Bureau of Economic Analysis says Mainers personal income grew at a 4.7% rate in the fourth quarter. The increase was driven by an increase in paychecks, but also what Mainers received in interest dividend payments, and rents.

The income increase was faster than any other New England state, except Rhode Island, which saw the same 4.7% rate increase in personal income.