Maine Businesses

Reinventing businesses, making work schedules more flexible and remote, and being a wiser consumer have become the norm since the spring of 2020. You may, however, have a sour taste in your mouth given how fuel and grocery prices have soared and inflation has hit a 40-year high. Yet, those who work with and advocate for businesses in Maine are hopeful for an accelerated post-pandemic resurgence.

“A healthy economy depends on healthy people,” said Dana Connors, Maine State Chamber of Commerce president. “Attitude is important in the relationship to consumer confidence. I am an optimist and right now I see some very promising signs of hope and encouragement. On a larger scale, as we look to the new year, it would be fair to say there is a risk of uncertainty. How long will our inflationary costs last or evolve into a recession and if so, will it be minor or more?”

Despite the uncertainty, Lee Umphrey, president of Eastern Maine Development Corporation (EMDC), also sees the state of Maine’s economy in a positive light. “The pandemic was a challenge locally, statewide, nationally and globally but the resiliency, grit and resolve of Maine people helped businesses meet the challenge.” EMDC is a community-based organization that reinforces and supports businesses to help them maintain standing while growing their businesses.

Umphrey compared today’s situation to Maine’s last economic crisis. “The demise of the paper mills was the last time a major economic crisis roiled our region. Again, our built-in Maine resiliency kicked in to revive and redevelop the former mills.”

More thoughtful decision making by Maine consumers is helping to turn the economic tide. Local banks are seeing customers making careful decisions and exploring different options. Bangor Savings Bank spokesperson Jaclyn Fish said, “Most borrowers are already locked in at the lowest possible rate. However, average loan amounts remain on an upward trend, and more home buyers are exploring adjustable-rate mortgage (ARM) loans.”

“Delinquencies are at record lows yet people are borrowing a lot of money but being reasonable about it,” said recently retired Maine Savings Federal Credit Union CEO John Reed. “I think people are being wise these days.”

When looking at Maine’s position across the United States, our state ranks in the bottom 12 of the weakest economies and sports the oldest population. Yet, Connors said, “Maine is better off than so many states — we have our challenges but we don’t have as many problems other states have. We can overcome and manage our problems. We did have a younger

BY ANNE GABBIANELLI

population move to Maine during the pandemic — there was tremendous appeal for outdoor venues in Maine so this helped us. You have to ask, if Maine is such an unattractive place, why have people come to Maine to start a new life?”

One of those who found Maine attractive is Christina Buck who moved here in 2020 in the midst of the state’s shutdown. The owner of Pleasantly Pampered, an inhome animal grooming business, she said the plan to move away from Arizona’s intense heat was in the works pre-Covid.

“We had planned to continue the in-home grooming, but when we got here we couldn’t go into people’s homes.” So Buck reinvented her business. “In two month’s time, we secured commercial space on Columbia Street.” She admitted the inflated price of even dog nail clippers and the demand for higher salaries has been a challenge, but she said, “It’s working out great right now.”

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