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Maine Development Foundation

Press Release

MDF and UMaine Release Quarterly Economic Report: Personal Income in Maine

Date:

October 17th, 2013

FOR IMMEDIATE RELEASE

Contacts:

Ryan Neale, Program Director
Maine Development Foundation
207-626-3119 rneale@mdf.org

Ann Acheson, Research Associate
Margaret Chase Smith Policy Center
207-581-1567 Ann_Acheson@umit.maine.edu

Mario Teisl, Director and Professor
University of Maine School of Economics
207-581-3154 teisl@maine.edu
        
Augusta, ME – The Maine Development Foundation (MDF) and the University of Maine’s School of Economics (SOE) and Margaret Chase Smith Policy Center (MCSPC) today released the second quarterly report analyzing critical economic indicators in Maine.  The first report, released in August, addressed Maine’s comparatively low level of output per worker.  This second report deals with Maine’s relatively low per capita personal income.

Among its programs, MDF staffs the Maine Economic Growth Council, an independent body created in statute to develop a long-term vision for Maine’s economic growth and develop a broad range of indicators to assess our progress toward that vision.  The Growth Council issues the annual Measures of Growth In Focus, a reliable and trusted report measuring Maine’s progress on 26 critical economic indicators. This series of quarterly economic reports by MDF and UMaine further explores these topics.  

While Maine’s per capita personal income has increased in recent years, our national rank remains at 29.  The report, which is authored by MCSPC Research Associate Ann Acheson, analyzes the relative contribution of the three sources of personal income (earned income, investment income, and transfer payment income) within Maine and in comparison to the national average.  Based on the latest available data from the Bureau of Economic Analysis, in 2011, earnings and investment income accounted for a smaller percentage of total personal income in Maine than nationally, while income from transfer payments represented a higher proportion. There are also pronounced differences among Maine counties in the relative proportion of income from earnings, investments, and transfer payments.  The report explores the impacts of each of these sources on Maine’s economy and the related policy implications.  

 “Per capita personal income is a critical measurement of economic prosperity and speaks to the productivity of Maine’s economy.  Improvement in this area is a key to Maine’s economic growth.  Looking at the relative contributions of the three components of personal income within Maine can help inform the policy decisions we as a state make to move Maine’s economy forward,” said MDF Program Director Ryan Neale, who oversees the report series.  

About Maine Development Foundation: MDF is a private, non-profit, non-partisan organization that drives sustainable, long-term economic growth for the State of Maine. MDF’s strategic focus is a productive workforce.  We believe that a productive worker is one that is educated, healthy, innovative, and engaged in their community and the economy.  Created in statute in 1978, MDF is a unique and trusted non-profit 501 (c)(3) corporation.  MDF works statewide across all sectors.

About The University of Maine School of Economics:
  The University of Maine’s SOE serves as the University’s hub for economic research and education and embraces a broader social science perspective through its primary and affiliated faculty in law, social psychology and human-ecology.  The faculty works closely with stakeholder groups to generate information and policy recommendations to help solve Maine and national needs.  

About the Margaret Chase Smith Policy Center, University of Maine:
  The Margaret Chase Smith Policy Center is a nonpartisan, independent research and public service unit of the University of Maine, dedicated to improving and promoting the quality of public dialogue about state, regional, and national policy issues through applied policy research and community engagement. Created in 1990, the Center was named to continue the legacy of Senator Margaret Chase Smith who was a model of civil discourse and integrity. The Center’s research and outreach is interdisciplinary, cutting across academic departmental lines to bring together faculty, students and external policy experts to address issues confronting the state and nation.  
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