Philly Fed Says the Smoking Hole Where the Maine Economy Used to Be Is Really Taking Off

Empty factory. Maine news from The Rumford Meteor

maine economyAUGUSTA – The Maine economy is “booming,” according to the Philadelphia branch of the Federal Reserve. Business Insider recently highlighted the news from the Reserve’s monthly coincident index for each of the 50 states. Governor Paul R. LePage today reminded Mainers how much the State has improved its business climate since 2010 when the unemployment rate was 8.4 percent in Maine and nearly 10 percent nationally.

“When we took office, the Maine economy was a mess, workers were losing their jobs in droves, and our state budget was a nightmare after years of liberals who advocated for tax increases, out-of-control government spending and the use of one-time money from the federal government,” Governor LePage said. “We’ve come a long way in the nearly three years since then. Our economy is growing, and over 8,000 more people are working since 2011.”

The Governor notes that while this report only covers a three-month period, it is still welcome news for the State of Maine. “This is all good news, and we’re headed in the right direction, but we’re not done. Our Administration is working to reform welfare to provide Mainers with job training to enable them to become self-sufficient, and we are continuing to improve Maine’s business climate so more jobs are available.”

Recent news has shown many positive signs for Maine’s economy, including:

•Maine moved to one of the ten best in the nation in the Federal Reserve Bank of Philadelphia’s leading index forecast for economic growth over the next three months. The indexes are released a few days after the Bureau of Labor Statistics (BLS) releases the employment data for the states.

•From January 2013 to August 2013, the Maine Department of Economic and Community Development (DECD) certified 12 businesses anticipating 267 new jobs, generating $14.2 million in payroll and nearly $70 million in new investment.

•Over the same period in 2012, DECD certified 14 businesses anticipating 128 news jobs, generating $6.3 million in payroll and just over $157 million in new investment.

•In the first eight months of 2013, DECD’s Maine Made Program certified 61 new small businesses.

•The first three years of private-sector job growth under Governor LePage were the best three years for Maine in over a decade.

•Maine’s four-week average of initial weekly unemployment insurance claims is at its lowest level since 2008.

•Maine’s unemployment rate is 6.7 percent, below the national average of 7.3 percent.

For the complete report: http://www.philadelphiafed.org/research-and-data/regional-economy/indexes/coincident/

December 2, 2013
Governor’s Office

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