Maine is a business-friendly state; this is a good destination for investors who are planning to open a business. Due to the business environment in the state, it has contributed to the tremendous growth in GDP in a span of nearly two decades. As of 2020, the state GDP is at $56 billion. This is impressive for a state of its size.
There are unique advantages that investors can enjoy by choosing to setup business in Maine. First and foremost, the cost of labor is cheaper in Maine by up to 6% per capita. This could mean potential savings for your business when you decide to bring in employees to your business.
Another distinct advantage is in terms of tax incentives. The government has set up numerous programs that would benefit businesses of all sizes such as the Pine Tree Development Zones and the Finance Authority of Maine. Newly registered businesses can enjoy unique incentives such as in the form of the Technology Tax Credits, Business Equipment Tax Exemption, and the Employment Tax Increment Financing.
Some of the top industries that had performed well and have boosted the economy of Maine are entertainment and recreation, manufacturing, accommodation and food services, healthcare, and social services.
At the request of our visitors we've included the below local insurance contacts for most cities in Maine. With so many options to choose from, selecting the right auto insurance policy can be a challenge. The state of Maine requires a handful of basic coverage types for your car, including medical payments and uninsured/underinsured motorist coverage. If you want the most affordable policy, you will likely have to stick to the basic coverage options. If you prefer extra coverage as well as the basics, you can consult with our contacts and compare rates and quotes offered by multiple companies (although it won't be as cheap as the bare minimum required). With our help, finding a low cost policy is much more feasible. For additional information on traffic laws or driving schools please navigate to your respective state using the map.
Known for its rocky coastline with stunning lighthouses, picturesque nature areas like the Acadia National Park's granite and spruce island, and rich maritime history, the state of Maine appeals to everyone. It evolves season after season, and has something for everyone, especially for nature and wildlife lovers. This is why it's one of America's most popular family and wedding destinations.
As the easternmost state of the United States, Maine is most famous for its bounty - both from land and sea. They say you haven't tasted lobster until you have tasted those from the Gulf of Maine. Lobster is plentiful in Maine, and they can be cheap.
Maine's most populated city is Portland (not to be confused with Portland, Oregon), while its capital Augusta ranked just 10th in the state. The state is also the least populated state in the country.
Agriculture, forestry, and fishing are the main driving force of the state's economy, as well as manufacturing and taxation. Tourism and outdoor recreations also play a huge role as well.
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