With 2023 upon us, economic uncertainty hangs in the air. While the job market has largely recovered from the COVID-19 pandemic, inflation and rising interest rates remain and recession fears persist. Volatility in the stock markets is unpredictable and another cause for concern.
Meyer Tool Inc., an aerospace and power generation company based in Cincinnati, is the latest to offer good-paying jobs outside of Portland and its surrounding localities. The company recently bought B&B Precise Products Inc. on Route 100 in Benton in an agreement that’s expected to allow B&B to raise capital for a $3 million, 15,000-square-foot expansion of its facility. Rich Abrahamson/Morning Sentinel
Problems abound, but the solutions are the same as they have always been. Now more than ever, Maine needs entrepreneurship. Our state needs businesses large and small to create jobs and grow the economy. Especially in rural areas, economic development is paramount, bringing the same types of career opportunities that exist in Cumberland County to all parts of Maine.
A statewide economic recovery is impossible without the rest of Maine – the Maine that I know and love.
The good news is that Mainers only need to build on their momentum of last year. In 2022, Maine’s gross domestic product reached nearly $63 billion – a 2% increase from the year before. Our economic growth came in large part because of the many newcomers to our state, which represents a viable alternative to traditional hubs like Massachusetts and New York. As older workers retire, young jobseekers and employees are coming to Maine and bringing their talents with them, creating a broader labor pool for employers.
Our labor market is dynamic, and I see that on a daily basis. Heading toward the 25th anniversary of FirstPark business park in Oakland, employment and job growth are robust in central Maine. Meyer Tool – an aerospace and power generation company headquartered in Ohio – is the latest to offer good-paying jobs outside of Portland and its surrounding localities.
When companies like Meyer Tool open new locations in our state, the benefits are immense and multifaceted. Not only are direct jobs created, but business expansion also leads to ancillary opportunities. For example, if Meyer Tool looks to hire a marketing or public relations agency in Maine, that ends up benefiting an entirely different industry and its employees.
The year ahead may bring new uncertainty, but leaders in the business community need to keep our eyes on the ball. Maine must remain a “pro-business” state. Welcoming large corporations and small businesses alike will make financial security even more of a reality in our state. Small businesses have unique, compelling stories to tell, but we cannot forget the scale of job creation made possible by just one large corporation. For example, T-Mobile – a staple at FirstPark – plans to add 100 new jobs by March. Our state needs all of those jobs.
I urge the countless innovators in Maine to work even harder in 2023. The coronavirus remains a threat, but it has diminished from a year ago. We have a unique opportunity to create a private-sector prototype in our state for others to follow and expand the state’s economy in transformative ways.
As Gov. Mills recently put it in her second inaugural address last week, Mainers need to “strengthen and diversify our economy” by “seizing on our spirit of independence and self-reliance.”
The governor is right, and it involves thinking bigger and outside of our state, if necessary. Seeking new trade partners in other states and perhaps even other countries has always represented a viable strategy for Maine, and it remains imperative today. One of my top priorities at FirstPark is to tap into international markets and reach global prospects that may consider Vacationland a new business destination.
From Cumberland County to the rest of Maine, let’s make 2023 a year of economic development that we’ve never seen before. Let’s reject the pessimism that comes with economic uncertainty. The future is bright, and it’s ours to seize.
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