Did Your Wallet Just Get Heavier?
We're used to stories about how business-unfriendly Maine can be and how hard it is to make a buck here. So here's some surprising good news. According to preliminary estimates released by the U.S. Bureau of Economic Analysis, Maine ranked ninth best in the nation in terms of per-capita income growth over all of 2008, with a growth rate of 4.1 percent. That also put us at the top among the New England states and above the national rate of 2.9 percent. Some of this might be a factor of the recession taking longer to gain traction in Maine, says Charles Colgan, chairman of the state's Economic Forecasting Commission. And he isn't optimistic we'll continue to lead the pack in New England either. So the numbers are either cheering or not, it seems. More than in most disciplines, in economics the devil really does lurk in the details.