A report released by the Maine State Chamber of Commerce and Maine Community Foundation calls for a more predictable, efficient and transparent regulatory environment.
Two leading Maine business groups are calling for more affordable housing, 25,000 additional workers and a more predictable, efficient regulatory environment as part of a strategy to strengthen the state’s economy by 2035.
The goals are outlined in a 32-page report released Tuesday by the Maine State Chamber of Commerce and Maine Development Foundation.
Dubbed "Maine Economic Vision 2035," the report focuses on four interconnected areas deemed critical for Maine's long-term economic success. They include business competitiveness, workforce and wages, productivity, research and private investment and household affordability.
The wish list includes reducing zoning and regulatory barriers and creating incentives to bring housing costs down to 30% of a typical household’s income.
Another goal is for 70% of working-age residents ages 25 to 64 to hold a "workforce-aligned credential of value" aligned with workforce needs. Combined with higher productivity, that will drive wages 20% higher than in 2025, according to the report.
“Maine is rapidly returning to an era of underperformance of the national economy and it is time to focus on data-informed public policy to promote economic growth,” said Patrick Woodcock, president and CEO of the Maine State Chamber of Commerce.
The report "is intended not simply to identify issues, but to outline actionable steps to set Maine on a trajectory of long-term competitiveness, innovation and opportunity," he said.
Business leaders released the findings in a Tuesday event at the Saco Transportation Center.
“This work is aspirational, ambitious, holistic, interconnected,” said Yellow Light Breen, Maine Development Foundation's president and CEO. “The report reflects both the opportunities and challenges of a changing economy and offers recommendations to strengthen long-term economic competitiveness and quality of life in Maine.”
The findings will help frame this week's televised gubernatorial debates, set to air on News Center Maine, with questions around the challenges and opportunities laid out in the report.
“Our findings tell us something really significant: Maine businesses want to be here, Maine investors want to be part of the Maine economy,” said Heather Johnson, president and CEO of Waypoint Collaborative and former commissioner of the Maine Department of Economic and Community Development. “It’s really time for us to build confidence and a willingness to build the right conditions for their success."
