June 19, 2018
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Revenue forecasters say there are signs of lower growth in Maine

Quinn Dombrowski via Flickr/Creative Commons license 2.0 | https://creativecommons.org/licenses/by-sa/2.0/
Quinn Dombrowski via Flickr/Creative Commons license 2.0 | https://creativecommons.org/licenses/by-sa/2.0/
By AP

Economic forecasters say there are early signs that rates of growth in Maine’s economy this year have proved somewhat lower than in 2016.

The revenue forecasting committee said despite this, gasoline and heating oil prices remain low, personal income continues to rise and mortgage delinquencies and foreclosures continue to decline.

Maine expects to see $3.4 billion in general fund revenue in the 2017 fiscal year and 0.3 percent growth in the 2018 fiscal year.

Forecasters say they remain concerned about the aging state’s demographic situation and impacts on workforce availability.

The committee says the roll-out of ballot measures, and the federal tax reform has created uncertainty. Forecasters say the impact of this year’s enactment and repeal of the voter-approved 3 percent surtax on top earners is still unclear.

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