DOL: Maine businesses weathered recession well
A new study by the Maine Department of Labor shows that Maine businesses that were launched in 2008 got through the next five years, during the recession, better than the national average.
Some 2,360 new businesses were launched by Maine’s entrepreneurs in 2008, the Bangor Daily News noted in quoting the study. This is the first time the Center for Workforce Research and Information tracked new businesses through subsequent years rather than just individual years, according to study author Ruth Pease, an economic research analyst at the DOL center.
Pease told the newspaper the results in tracking the companies longer were surprising. By 2012, some 1,314, or 54%, of those businesses were still running, which compares favorably to overall national statistics, according to the U.S. Small Business Administration.
But the DOL study also showed that even though the number of businesses declined 44%, the total number of people employed by those businesses fell only 3.7%, suggesting that businesses may have closed, but the ones that survived kept growing, according to the newspaper.
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