Central Maine Economy

Central Maine Economy Where Are We Now? Where Are We Going?

Central Maine Economy • National Economy Impact on Maine • Economic Trends in Central Maine • Recent Success • Opportunities & Challenges

National & Maine Economy • Maine & U.S. should be in full recovery by 2nd half of 2010 • Job growth in U.S. resume by mid-year but unemployment will remain high by historic standards

National & Maine Economy • 2010 will show growth in Maine economy but job growth will be weak • Recovery for both Maine & the U.S. will take about 1 year for GDP and 2-3 years for employment

Central Maine Economic Trends - Population • Between 2000 & 2008 Central Maine’s population increased from 52,911 to 54,836, an increase of 3.6% • Maine’s population increased 3.1% during that same time period • The U.S. population increased 7.9% during that same time period • Central Maine’s median age is 41.0, slightly higher than Maine’s (40.7) and much higher than the U.S. (36.7)

Central Maine Economic Trends - Income • Between 2000 & 2007 the Waterville micropolitan area experienced a 26.5% increase in per capita income, from $25,433 to $32,166 • During that same period, Maine’s increased by 30.9% ($33,991 in 2007) and the U.S. by 29.4% ($38,615 in 2007) • Private Sector Share of Income in 2006: Kennebec Co. – 51.7% (15th); Somerset Co. – 62.4% (11th)

Central Maine Economic Trends - Industry • In 2008, 28.5% of Central Maine’s employment was in the education & health services sectors – Augusta: 15.4%; Maine: 18.1% • Between 2004 & 2008, Central Maine’s employment in mfg. increased from 6.6% to 7.5%

Central Maine Economic Trends – Employment & Housing • Central Maine’s unemployment tracks state and national trends • Central Maine housing market continues to be affordable

Central Maine Economic Trends – Retail Sales • Between 2007 & 2008 total taxable sales in the Waterville trade area decreased by 1.4%: Maine (-1.8%); Augusta (-2.1%); Portland (-4.6%) • Retail sectors that performed well during that time period include food; automotive and lodging

Central Maine Successes • Hathaway Creative Center – about 75% of loft apartments rented; almost 50% of commercial space leased • ALCOM – 70,000 s.f. facility in Winslow; adding employees

Central Maine Successes • T-Mobile – Over 800 employees; $25+ million payroll; center consistently ranks amongst best in their portfolio • Head of Falls – Mixed-use development; public space; reach out to development community end of 2010

Central Maine Opportunities & Challenges • Promote and foster entrepreneurship by creating an environment that supports them • Increase supply • Build entrepreneurial networks • Reward entrepreneurial behavior • Provide financial capacity

Central Maine’s Opportunities & Challenges • Develop and implement a “people attraction” strategy – target 25 to 35 year-old cohort • Advance policies and create an environment that promote private sector job creation • Channel and focus resources on workforce development – quality and quantity

Central Maine Economy