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Economy - overview:
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The Bureau of Economic Analysis estimates that Maine's total gross state product for 2003 was US$41 billion. Its per capita personal income for 2003 was US$29,164, 29th in the nation.
Maine's agricultural outputs are seafood (notably lobsters), poultry and eggs, dairy products, cattle, wild blueberries, apples, and maple sugar. Aroostook County is known for its potato crops. Western Maine aquifers and springs are a major source of bottled water. Its industrial outputs consist of mainly paper, lumber and wood products, electronic equipment, leather products, food products, textiles, and bio-technology. Naval shipbuilding and construction remain key as well, with Bath Iron Works in Bath and Portsmouth Naval Yard in Kittery. Brunswick Naval Air Station is also in Maine, and serves as a large support base for the U.S. Navy. However, the BRAC campaign recommended Brunswick's closing, despite a recent government-funded effort to upgrade its facilities.
Maine ports play a key role in national transportation. Beginning around 1880, Portland's rail link and ice-free port made it Canada's principal winter port, until the aggressive development of Halifax, Nova Scotia, in the mid-1900s. In 2001, Maine's largest city of Portland surpassed Boston as New England's busiest port (by tonnage), due to its ability to handle large tankers. Maine's Portland International Jetport was recently expanded, providing the state with increased air traffic from carriers such as jetBlue.
Maine, where beaver trapping once created much wealth and many trading settlements, today has a small trapping industry that includes 3,157 resident, mostly part-time trappers. Still, the industry in Maine is larger than that of most Eastern states (Source: Portland Press Herald, January 23, 2005).
Maine has very few large companies that maintain headquarters in the state, and fewer than before due to consolidations and mergers, particularly in the pulp and paper industry. Some of the larger companies that do maintain headquarters in Maine include Fairchild Semiconductor in South Portland; IDEXX Laboratories, in Westbrook; UnumProvident, in Portland; L. L. Bean, in Freeport; Delorme, in Yarmouth; and MBNA, in Brunswick. Maine is also the home of The Jackson Laboratory, a non-profit institution and the world's largest mammalian genetic research facility.
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