This is a problem that must be addressed in order to help the state of Maine prosper stated a non-partisan group on m February 26th.
During a major recession in the 1990s, the Maine Economic Growth Council, comprised of a group of business leaders as well as others, was formed.
On the 26th, this council released in 15th "Measures of Growth" annual report.
This report tracks 24 indicators of the states economic state.
The purpose of this report is to identify 4 areas of strength and six areas of weakness in Maine's economy.
Laurie Lachance who is the director of the Maine Development Foundation stated that "We would be remiss if we were not to note we are in extraordinary times."
House Speaker Hannah Pingree states that this report should serve as a road map for decision makers as opportunities are presented to cut the federal budget, spend stimulus money and identify projects that can benefit the state as a whole.
Hannah Pingree speaks more directly to the issue of extending high speed internet to more of the state of Maine. She believes that federal stimulus money will help.
While Maine has gotten very high marks for investiment into research, job creation it appears has fallen to the wayside.
Pingree states that Maine needs to focus on tying research into jobs and job creation.
Tim Hussey who is the president of and CEO of Hussey Seating Co. stated his concern for the large gap in the worker productivity of the manufacturing sector.
Tim stated "We're falling behind. We have a gap of 24 percent and it's getting worse."
Sen. Christopher Recor is concerned about the high energy prices in the state of Maine and their impact upon businesses.
He believes further research at the University of Maine System will help.
Theodora Kalikow, the President of the University of Maine at Farmington, stated that a higher education level in more Maine residents will benefit the economy by allowing a larger population qualify for higher paying jobs.
She believes that the lack of educational funding is blocking economic progress in all directions.
Below are the six red flags identified in the report.
http://www.mdf.org/megc/measures/MOG2009.pdf
* Personal income: Maine ranks 35th nationally with a per capital personal income of $33,962.
* High speed Internet subscribers: Maine lags behind New England and the United States when it comes to Internet subscribers per 1,000 residents.
* Manufacturing productivity: There's a 24 percent gap between productivity of the Maine manufacturing worker and the rest of the United States.
* Cost of health care: Health care expenditures in Maine are nearly 20 percent of the state Gross Domestic Product, which is 7 percent higher than the national average.
* Cost of energy: The price of electricity in Maine is 32 percent higher than the national average.
* State and Local Tax Burden: The state's tax burden was 14.4 percent in 2006, according to census data.
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