CEO Guide to Site Selection
#31
Maine
CEO Rank on Best & Worst States for Business
BIG INVESTMENTS IN THE PINE TREE STATE
In May 2021, Maine Gov. Mills unveiled an economic recovery plan that will invest more than $1 billion in federal funds allocated to the state under the Ameri- can Rescue Plan. Nearly a third of this is allocated for long-term economic growth. The Governor’s Economic Recovery Committee and the state’s 10-Year Economic Development Strategy call for investment in skills training, R&D and new worker attraction. Strategic investments include $80 million to jumpstart innovation through public-private partnerships and $105 million to support infrastructure and equipment upgrades in higher education systems.
TAXES
top corporate income tax
on the Tax Foundation’s State Business Tax Climate Index ranking
EDUCATION
of students graduated high school in 2019
of adults age 25 and older have a bachelor’s degree or higher
UNEMPLOYMENT RATE
RIGHT TO WORK STATE
No
QUALITY OF LIFE
POPULATION GROWTH
increase between 2010 and 2020
KEY INCENTIVES
Major Business Headquarters Expansion Program: Offers a tax credit of 2% of the qualified investment for a period of up to 20 years for businesses that locate a major headquarters in the state and create high-quality jobs.
Technology Tax Credits: Offers tax credits and exemp tions for everything from electricity cost to equipment purchases and other R&D expenses for companies involved in manufacturing and certain research-driven activities.
Small Enterprise Growth Fund: Offers initial matching investments from $150,000 to $300,000 to small businesses that demonstrate the potential for high growth and public benefit.
Maine Technology Institute (MTI): A non-profit that offers funding for private companies and research labs to promote R&D and assist innovative companies to in gettingproducts to market faster.
EDCs
Department of Economic and Community Development
maine.gov/decd
City of Augusta Economic Development augustamaine.gov/departments/development_services/economic_and_community_development/
economic_development.php
Bangor Region Chamber of Commerce
bangorregion.com
Greater Portland Economic Development Corp.
greaterportlandinc.com
HIGHLIGHTED PROGRAM OR INITIATIVE
Public and private funding in excess of $60 million will be used to expand education access to degree and certificate programs for more than 24,000 residents over the next four years. Training will be provided at no cost in health care, the green economy, trades, manufacturing, hospitality, education and computer technology.
BIG DEALS
- Devil’s Half Acre Distillery opened its new distillery in the Bangor area in December 2020.
- Louisiana Pacific announced in February 2021 a $150 million project to convert and upgrade its facility and mill in New Limerick.
- TD Bank announced in September 2021 a $43 million investment to support building expansions in the University of Main System.
- Portland-based WEX announced in September 2021 an agreement with California-based ChargePoint to ease the addition of electric vehicles into corporate fleets.
- The U.S. Navy announced in October 2021 a $1.7 billion contract to expand the Portsmouth shipyard.
- UMaine announced in October 2021 plans to expand its Advanced Structures and Composites Center in Orono.
- Precision Optics acquired Windham-based Lighthouse Imaging LLC in October 2021 for $8 million.
BIG COMPANIES
- L.L. Bean
- TD Bank
- Unum
- Pratt & Whitney Aircraft Group
- Athenahealth
- Cianbro
- Bath Iron Works