Much like its population growth, Maine’s economic increase has been on a steady incline, landing its GDP at $66.5 billion. Nicknamed “The Pine Tree State” for its vast forests, the production of paper and wood products remains the most valuable of all manufacturers in Maine. As of September 2019, Maine’s unemployment rate experienced a favorable downtick to 2.9%.

Since the recession of 2008, Maine’s economy has never looked better. Even though most of the state’s residents would enjoy seeing a quicker and more significant uptick in Maine’s financials, the forecast is more slow and steady. Unlike other states, Maine has very few massive companies with headquarters in the state. Instead, major cities depend on a firm professional culture made up of mid-size and privately owned businesses.

The natural beauty of Maine’s forests and coastline encourages over 70% of its residents to buy rather than rent. Of course, housing costs vary from city to city, but the overall cost of living score in Maine is 104.7, which is slightly higher than the national average. Utilities, transportation, and healthcare are relatively low, but food prices tend to fall on the top side.

Below is a breakdown of Maine’s largest sectors by real value added of GDP: