From the Editor: Summing up Maine’s economy today — it’s complicated
In the past several weeks, I’ve had the good fortune as part of my job to meet with business leaders in Presque Isle, Biddeford, Bangor, Skowhegan and Damariscotta.
Across the state, people are certainly busier than they have been in two years — in most cases, busier than they were in pre-pandemic years.
As part of our pledge to get out “on the road,” my colleagues at Mainebiz and I have met with three bank presidents, two university presidents and a host of small business owners.
The owner of a roofing company is booking jobs a year out. Bank presidents say that they’re prequalifying dozens of potential home-buyers who are getting out-bid by cash buyers. And nearly everyone is telling us that on top of the tight hiring market, people who are interested in working for them can’t find affordable housing.
These are issues all over the state.
So while many Maine businesses are going full tilt, they’re also continually adjusting to supply chain issues, labor shortages, higher wages, higher gas prices and other inflationary woes — and the ever-present threat of another COVID shutdown.
In short, Maine’s economy right now is, um, complicated.
For this issue, we delve into some though probably not all of these issues.
For our cover story, Renee Cordes talks to banks and credit unions about how they’re competing for entry-level talent. Higher wages are only part of the dynamic. See “Teller talent wars,” which starts on Page 14.
Small loans are lifelines for startups and small businesses. Laurie Schreiber takes a look at programs around Maine that are offering microloans. See “Small loans with a big impact,” on Page 18.
Royce Cross is a longtime leader in the Maine business community — and, in a story by Jessica Hall, he says he has no plans to stop working. See “Insurance scion’s time in the sun,” on Page 22.
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