This cultural and commercial hub of northeastern Maine suffered from the
destruction of much of its original downtown because of the Urban Renewal
Program in the late ’60s, but in the past 20 years has been rebuilt as a popular cultural and shopping destination. The Bangor Daily News reports that
local software entrepreneurs are developing programs to grow the region as
a hotbed for software and technology.
BANGOR WHAT THE LOCALS SAY
“2014 is very busy from Portland to Bangor — hospitality remains
active with new construction starts on the rise, multifamily sales
and leasing continues to surge, and retail has come back
strong with core retail districts and power centers filling
up nicely. Office and industrial sectors are also finding
tightening vacancies. Commercial real estate in Maine is
— MAT THE W BARNE Y, BROkER,
MALONE COMMERCIAL BROkERS
Focus: Stagnant workforce
Maine has the highest median age in the country: 43. 9 years as of 2013, according to the U.S. Census Bureau. State economists worry that the state’s
aging population is a potential hindrance to future economic gains because of
the resulting near-stagnant growth of the workforce. The state’s lack of population growth contributes to the problem. According to the Census Bureau,
its estimated population for the state was virtually identical in 2010 and 2013.
The Maine Development Foundation (MDF) identified two key demographic
areas driving the aging-workforce and population issues: younger people —
particularly ages 18 to 30 — believing that Maine lacks an economic future
for them, and midcareer workers who leave the state to seek more competitive wages or perceived greater opportunities elsewhere. MDF suggests that
a combination of outreach by Maine businesses, entrepreneurship to develop
new industries, and education and marketing to these key demographics will
help address the problem.
The state’s unemployment rate has run below the national rate for more
than five years, but the gap has narrowed in the past two years, with the
country recovering from the recession more rapidly than Maine. Unemployment stood at 5. 7 percent in Maine this past May, compared to the national
rate of 6. 3 percent, according to the U.S.
Department of Labor.
State officials report that the percentage
of the Maine population that is employed is
estimated at 61. 6 percent, 2. 7 points above the
Source: U. S. Department of Labor
Sources: Bangor Daily Ne ws, CBRE, Maine Development Foundation, Maine.gov, Mainebiz.biz,
Malone Commercial Brokers, New EnglandCouncil.com, Portland Press Herald, U. S. Bureau of
Economic Analysis, U. S. Census Bureau, U. S. Department of Labor
Kurt Stephan is editor of Scotsman Guide Commercial Edition. Reach him at
(800) 297-6061 or email@example.com.
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