New business applications reached a new high in Maine in 2023

By Ari Snider, Maine Public

Maine saw just over 14,000 business applications last year, about an 8 percent increase from the year before, and the highest on record going back to 2005.

That’s according to new Census data released last month.

Maine State Chamber of Commerce President Patrick Woodcock said the data point to a strong recovery from the COVID-19 pandemic, and continued growth in key industries.

“Life sciences, tourism, forestry. A lot of new businesses are small, that’s the lifeblood of the state,” he said.

He said other growth factors include people moving to Maine from other states and countries and opening businesses here.

Still, he cautioned that opening a business is just the first step.

“You really have to see the next 12 months for stability,” Woodcock said. “That’s really the window for whether a business will make it or not.”

The data paint an uneven picture at the county level. Business applications were up sharply year-over-year in Sagadahoc and Androscoggin, but dipped slightly in Washington, Lincoln, and Piscataquis Counties, among others.