Category

Strengths (S)

Weaknesses (W)

Opportunities (O)

Threats (T)

Ease of Doing Business

Strong Local Economy: High percentage of local demand met by in-state goods and services; increasing in-state sales.

High Business Costs: Ranks poorly for overall business competitiveness, with high rankings for property tax burden (No. 1 nationally), corporate tax rate (No. 5 highest), and high energy expenditures.

Targeted Incentives: Use the state's natural beauty and quality of life to specifically attract "Zoom economy" remote workers and digital businesses not burdened by high physical operating costs.

Adverse Rankings: Consistently low national rankings for business friendliness and workforce quality deter significant external investment and business formation.

Domestic Manufacturing

Defense & Specialty Expertise: Strong presence in high-value, specialized sectors like precision aerospace, advanced composites, marine vessels (shipbuilding/defense), and food/beverages.

Severe Workforce Shortage: Faces a documented shortfall of up to 3,000 skilled manufacturing workers (engineering, production, management), hindering immediate growth potential.

Forest Bioproducts Tech Hub: Leverage the Maine Forest Bioproducts Tech Hub and advanced technology to modernize the foundational forest products industry for global competitiveness.

Aging Workforce: Ranks No. 1 in the nation for the percentage of its population over 65, creating a systemic challenge in replacing retiring skilled workers.

Sustainability Initiatives

Ambitious Climate Goals: Legislative commitment to 100% clean energy by 2040 (90% from renewable resources), one of the most aggressive in the US. Offshore Wind Pioneer: Pursuing the development of the first floating offshore wind project in the US (Maine Aqua Ventus) in the Gulf of Maine.

High Energy Costs: Currently ranks highly for residential electricity prices despite its long-term clean energy goals.

Clean Energy Job Creation: Aggressively working to double clean energy jobs to 30,000 by 2030, fueling a rapidly growing clean energy economy (fastest growing in New England).

Infrastructure & Grid Capacity: Rapid deployment of solar and wind requires major, costly upgrades to the existing transmission grid to handle distributed and offshore power generation.

Balance of Trade & Global Contribution

Strong North American Link: Canada is by far the largest export market, accounting for 42% of total goods exports, indicating a stable and mature trade relationship.

Low International Export Volume: Ranks near the bottom nationally (No. 47) for total exports, with international foreign sales declining significantly in 2023.

Offshore Wind Supply Chain: Position the state as a critical supply chain partner for the nascent offshore wind industry in the Northeast and globally, leveraging its marine and defense manufacturing expertise.

Protectionist Policies: Increased tariffs (as seen on the national level) could severely impact the state's small and medium-sized enterprises (SMEs), which account for over half of Maine's total goods exports.