Maine's GDP up 3.4 percent in second quarter

Maine’s economy grew by 3.4 percent in the second quarter of the year, a performance that ranks 36th nationally.

The federal Bureau of Economic Analysis reported Tuesday that Maine posted strong growth in real estate, rentals and leasing along with health care and social assistance during the April-June period.

The biggest drags on the state economy were the agriculture, forestry, fishing and hunting; nondurable manufacturing; transportation and warehousing; educational services; and finance and insurance sectors, all of which declined during the quarter.

Maine’s economic growth was tied with Vermont for third in New England. Growth of 4.6 percent in New Hampshire led the region, followed by Massachusetts (4.0 percent). Connecticut (3.1 percent) and Rhode Island (2.8 percent) trailed in New England.

The national gross domestic product grew by 4.2 percent during the quarter.

The BEA said all 50 state economies grew during the quarter, led by Texas, which posted a 6.0 percent growth rate. Delaware’s economy grew a the slowest pace, increasing by 2.5 percent.

The report said Maine’s economic output grew to a seasonally adjusted $64.2 billion.