What Economic Forecasters are Saying about the Maine Economy

What Economic Forecasters are Saying about the Maine Economy

July 28, 2006 Posted by J. Scott Moody - No Comments

This excerpt is from the May 2006 Maine Economic Outlook published by the New England Economic Partnership and authored by Dr. Charles S. Colgan–Prefessor of Public Policy and Manegement, Muskie School of Public Service, University of Southern Maine.


“A very different, and unhappy, picture of the Maine economy has emerged as a result of recent revisions to the employment data. Expected growth in 2005 turns out not to have occurred at all, and even 2004 has had to be revised downward. As a result, the outlook for Maine has changed significantly. While growth is expected in 2006 and beyond, owing to the strength of the national economy, the pace will be much slower than earlier foreseen in NEEP forecasts. Maine will not reach employment levels foreseen a year ago as occuring in 2006 until 2009. The basic problem has been that the previous pattern of nonmanufacturing job gains offsetting job losses in manufacturing has ceased; in 2005 almost all of the nonmanufacturing sectors were stable or declined while manufacturing declines continued. High energy prices late in the year hurt, but the job picture in 2005 was bleak from the first quarter on.”
Unfortunately, the document is unavailable on-line. The next forecast is scheduled for release in October. Stay tuned to this blog for that economic forecast . . .
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