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The Maine Economic Growth Council’s “Measures of Growth 2017” red flags Maine’s R&D spending. The report ranks Maine 37th nationally for our $596 million R&D investment in 2014, roughly 1.1% of the state’s total gross domestic product. By comparison, the U.S. average for R&D investment is 2.8% of GDP, while New England’s is 4.7%. The report says $1 billion is needed — from the private sector, nonprofit foundations and government spending — to reach the 3% benchmark that would put us slightly above the national average.
Is that a realistic goal?