Cost of Doing Business
In 2022, Maine’s cost of doing business was unchanged.
No significant movement since the last available data
Benchmark: Maine’s cost of business will decline to the U.S. average by 2030.
Overview
In 2022, Maine’s cost of doing business ranked 10th highest in the U.S., but second lowest in New England. The broader Northeast region consistently has higher business costs than other areas of the country, and Maine’s costs had exceeded the Northeast average, but in 2022 it was below them for the second year in a row. Maine’s labor costs are 19th in the country, while its tax burden ranks 7th.
Moody’s Analytics’ cost of doing business index is a weighted scale of labor costs (wages, benefits, and productivity), commercial and industrial electricity costs, and state and local tax burden. A value of 100 equals the U.S. average.
Fig. A
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2022 New England State Ranks: Business Costs (1 is highest cost)
Source: Moody's Analytics