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August 21, 2023 Edition
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Focus on Greater Bangor & Northern Maine

Loring’s flight plan: Turning the former Air Force base into a regional aviation, aerospace hub

Renee Cordes

An estimated $50 million to $75 million in public money is needed develop a public airport at the Cold War-era Air Force base in Limestone.

  • Letters
    Letters

    A defense of Waterville’s urban renewal on the 1960s

    Regarding the article published in Mainebiz from the print edition of June 12, “With Projects Underway, Waterville’s Downtown is Taking on New Life”, we want to correct the statement that “Waterville was a victim of urban renewal in the 1960s.”

  • Letter from the Editor
    Letter from the Editor

    Loring’s evolution takes another step forward

    Peter Van Allen

    Loring had a long history as an Air Force base, brief notoriety for being the site of a Phish concert and now another life as a business park. As Senior Writer Renee Cordes notes in her story, Loring has some major plans in the works.

  • In Short
    In Short

    Newsworthy people and performances for Aug. 21, 2023

    A roundup of new hires, promotions and achievements from businesses and nonprofits around Maine.

Today's Poll

Is it time for the Federal Reserve to start cutting interest rates?
Poll Description

Over the past several months, banks and other businesses have been looking for the Federal Reserve Board to cut interest rates, but the waiting game continues.

Basing its decision on new economic reports, the Fed on May 1 said it doesn’t plan to cut rates until it has “greater confidence” that inflation is slowing toward the central bank's 2% target. Three rate reductions have been projected for 2024, likely starting in June.

But for now, it appears the key borrowing rate in the U.S. will stay at a two-decade high of roughly 5.3%.

Keeping the rate so high for so long may tame inflation, but can also discourage new investment and business growth.

“The Fed is really stressing the banking industry,” said Andrew Silsby, president and CEO of Augusta-based Kennebec Savings Bank, in a Mainebiz story last month. “The economic environment is really quite difficult, but I haven’t quite figured out whether we’re through the storm or in the eye of the storm.”

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