Development Strategy 2020-2029 - Maine

1 Maine Economic Development Strategy 2020-2029 . A FOCUS ON TALENT. AND INNOVATION. November 15, 2019. Dear Governor Mills, Members of the Legislature and residents of Maine , This is a 10-year Economic Development Strategy for Maine . It is a dynamic and nonpartisan road- map designed to foster collaboration among the public, private, nonprofit and education sectors for the purpose of creating a diverse and sustainable economy. It is the culmination of non-partisan contributions of over 1,300 Maine people; the level of public engagement in this process was over- whelming, and we hope to have captured the ideas and energy within.

2 Maine is at an economic crossroads. We face serious challenges: a likely global downturn as part of the normal economic cycle; an aging workforce; and threats to some of our largest industries due to technology and climate change. This plan isn't naive about those challenges, but attempts to build on the opportunities that change presents. Maine has the wind, tides, sunlight, and expertise to lead in developing solutions to the global climate crisis. With innovations that are already under- way, we can diversify our heritage industries. We can grow protein in new ways to diversify fishing and farming.

3 We can use wood and wood residuals for new fuels, plastics, and building materials. We can advance health with our biosciences and technologies. The possibilities are limitless. Our growth potential lies at the intersection of global trends and Maine 's assets. Maine also has thriving tourism, hospitality and outdoor recreation sectors that are critical to our economy. People who experience Maine come back for more many as tourists, and some as resi- dents. Showcasing Maine 's beauty is part of our growth Strategy . I learned again through this process the special character of Maine people.

4 The other day an entre- preneur said to me, People want to help; anyone in Maine will at least have a cup of coffee with you and give you their ideas. This is an example of the connectedness that is part of our Maine fabric, an ability to work together toward a common goal, a knowledge that the success of one aids the success of all. This is the commitment and the energy that we will carry forward into implementation. I'd like to thank the thousands who participated in our hearings and online surveys: the 50 members of our subcommittees; the dozens of staff; the six members of the working team; and particularly Bruce Wagner of the Finance Authority of Maine , who organized and led this planning process.

5 We all share a common value: there is a place in Maine 's economy for everyone, and we need everyone to participate to succeed. Thank you, Heather Johnson Commissioner of the Maine Department of Economic and Community Development contents 4 20 32. EXECUTIVE Strategy A Strategy E. SUMMARY Grow Local Talent Providing Supporting Infrastructure 7 25. WHY Maine Strategy B 36. NEEDS A PLAN Attract New Talent Strategy F. Maintain Stable and Predictable Business Rules 10 28. Strategy C. VISION + GOALS. Promote Innovation 38. Strategy G. 14 Promote Hubs OPPORTUNITIES. 30 of Excellence Strategy D.

6 Build Connections 41. APPENDIX A. Contributors to the Plan executive summary In the following pages, Maine people will find a ten-year TALENT AND OUR WORKFORCE. economic Development Strategy for the State of Maine , Maine needs to add at least 75,000 people to our work- the first-of-its-kind in more than two decades. It is force over the next ten years. As many know, Maine is intended to serve as a dynamic and nonpartisan road- one of the oldest states in the nation, and the aging of our map that can help foster collaboration among the private, population will result in the loss of an estimated 65,000.

7 Public, education, and non-profit sectors to achieve a from our workforce over the next ten years and that is diverse and sustainable economy. It is the culmination in addition to the tight labor market the state is currently of the contributions of more than 1,300 Maine people, confronting. There is not one simple solution to this chal- incorporating a variety of perspectives collected over the lenge, but many strategies that, when pieced together, can course of several months. help us tackle this issue. This report recommends: Out of this report emerge two major necessities to spur Undertaking a branding effort in conjunction with growth in our economy: talent and innovation.

8 We the private sector, nonprofits, and the tourism industry know that Maine has a talented, resilient workforce; to promote Maine as a great place to live, work, and learn there just are not enough of us. Additionally, the skills in order to attract talented workers. needed to sustain a successful workforce are changing as the world changes, and that means our workforce must be Building bridges for those who are not in the work- prepared to evolve with them as well. Further, fostering force, enabling them to join. Maine has approximately economic growth will require innovation and Maine 100,000 people who are of working age but are not is well-poised, both through its natural resources and its currently in the labor pool.

9 We need to ensure that all people, to embrace innovation that can not only contrib- people, especially those who are underrepresented and ute to global climate solutions, but drive productivity young people who are disengaged (neither in school nor across the entire economy. in the workforce), find their role. Let's take a deeper look at both. Welcoming foreign immigrants with programs that support rapid credential acceptance and that support housing and transportation needs. 4 . Expanding and simplifying debt relief programs, such as the Educational Opportunity Tax Credit, to help new and existing Maine residents retire student debt, thereby enabling them to invest in housing, transporta- tion, and other critical needs.

10 Technology is also significantly changing the skills needed across the continuum of the workforce. Auto- mation is changing and will continue to change the way we work, most likely resulting in fewer but higher-pay- ing jobs. McKinsey and Company has estimated that as many as a third of American workers will need to switch occupations by 2023 because of rapid automation. Look For long-term impact, this report recommends: to the check-out area of the local grocery and notice the Establishing Maine Career Exploration to help growth of self-checkout services as an example.