Economist: Recovery will take five years
An economic recovery in Maine will likely take at least five years, a University of Maine economist told businesses yesterday.
In his presentation at the Bangor Region Chamber of Commerce annual meeting, James Breece, associate professor of economics and vice chancellor of academic and student affairs, predicted a lengthy recovery despite signs the economy is on the upswing, according to the Bangor Daily News. Though unemployment rates are falling, new job creation will be very slow, and gross domestic product is still lagging. Breece's recommendations for boosting the state's economy included generating more value-added economic activities in the state, such as eco-tourism, composites and precision manufacturing, and generating more exports. He also said Maine's off-shore wind potential could help grow the economy. Read his entire report.
Economist Charlie Colgan of the University of Southern Maine's Muskie School of Public Service is planning to give his annual economic forecast to business leaders at USM today. Colgan recently gave his predictions for 2010 to Mainebiz in "5 on the future."
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