“Maine is at an exciting crossroads, transitioning from traditional natural resource and manufacturing-based industries to a knowledge-based economy.”
— Heather Johnson, Commissioner, Maine Dept. of Economic & Community Development
Bangor, Maine is the location of Bangor International Airport, one of the five largest of the numerous aviation facilities in the state. (Photo: Adobe Stock / FelixMizioznikov)
TARGETED GROWTH SECTORS
Forest Products: Forest products have driven Maine’s economy for centuries. Maine is home to the largest contiguous forest east of the Mississippi River, 90% of which is privately owned and most of which is sustainably managed. Maine is poised to capitalize on new markets, including mass timber, packaging, and biobased manufacturing.
Outdoor Recreation: The outdoor industry is positioned to support Maine’s vision of a thriving, environmentally responsible economy. Outdoor recreation is 4.2% of Maine’s economy, more than double the national average.
Life Sciences: Maine is state home to more than 400 life science companies, including leaders like IDEXX and The Jackson Laboratory. Maine also boasts an impressive startup ecosystem for life science businesses, with entrepreneurs frequently starting and scaling businesses in Maine.
NOTABLE PROJECTS
The forest products industry received a boost in October 2023 with the U.S. Dept. of Commerce designating Maine’s Forest Bioproducts Advanced Manufacturing Tech Hub as a Federal “Tech Hub.” The designation acknowledges that Maine’s forest bioproducts sector has the potential for rapid growth and opens the door for significant Federal investment in the future. Meanwhile, Bangor, ME was chosen as one of the communities to participate in the nationwide Recreation Economy for Rural Communities (RERC) program. A federal planning team works with communities to develop an action plan to grow their local outdoor recreation economies.
FEATURED LOCATIONS
Looking for the perfect location to fuel your company’s expansion plans? Look no further than Bangor, Maine. Nestled in the heart of New England, our vibrant city offers a winning combination of economic opportunity, strategic advantages, and a high quality of life. Learn More.
FAST FACTS
Population (July 2022 est.): 1,385,340¹
Largest Cities (2020): Portland (68,427); Lewiston (36,746); Bangor (31,765); South Portland (26,548); Auburn (23,944)¹
Real GDP (2022): $64.8 billion²
¹U.S. Census Bureau ²Bureau of Economic Analysis, U.S. Dept. of Commerce
STATEWIDE INVESTMENT
The Maine Jobs & Recovery Plan invests nearly $1 billion in Federal American Rescue Plan funds. Since 2021, its initiatives have delivered $175 million to thousands of Maine businesses, created workforce opportunities for 25,000 people, and invested in more than 400 infrastructure projects for child care, broadband, energy efficiency and weatherization, and housing.
From the economic impact to opportunities to travel with family and friends to maximize the experience, anticipation is going strong across North America.
