Federal Reserve Bank of Boston President Susan M. Collins visited Biddeford, Bangor, and Millinocket this week to observe how Maine business owners and residents are addressing economic challenges through innovation and collaboration.
On Wednesday, Collins engaged with members of Maine’s aquaculture industry at Atlantic Sea Farms in Biddeford, a seaweed farming company that offers local fishing families sustainable income opportunities. Later in Bangor, business leaders discussed their significant challenges, such as housing and inflation.
In Millinocket on Thursday, Collins observed community efforts to revitalize the former mill town and create prospects for younger generations. She emphasized the Federal Reserve's focus on community and economic development. “How do you build resilience in communities? That’s about collaboration, (and) letting local people identify what’s really needed, and bringing people together,” she said.
Briana Warner, CEO of Atlantic Sea Farms and member of the Boston Fed’s New England Advisory Council, guided Collins through the company's facilities. Warner highlighted aquaculture's role in providing winter income for Maine's fishing families through kelp farming.
During a roundtable discussion with the aquaculture industry, Matt Moretti from Bangs Island Mussels recounted the severe impact of the COVID-19 pandemic on his family business. He noted that although sales dropped to zero during restaurant closures, the company has since recovered by focusing on employee retention and innovation.
In Bangor, discussions with members of the Greater Bangor Chamber of Commerce and Maine State Chamber of Commerce addressed how inflation and housing shortages affect the workforce. Realtor Julie Dawson Williams mentioned that Maine is short by approximately 76,000 housing units. Bob Chandler from Prentiss & Carlisle linked timber industry challenges to reduced housing construction.
Boston Fed Community Affairs Officer Prabal Chakrabarti moderated a meeting in Millinocket where Matthew Polstein from New England Outdoor Center shared insights on wage increases aiding employee retention despite rising living costs.
Collins also toured local businesses in Millinocket to understand efforts led by Our Katahdin to repurpose the former Great Northern Paper Company millsite for sustainable industrial activities like renewable energy and aquaculture. Discussions at Millinocket Memorial Library focused on connecting young people to local opportunities through outdoor recreation and workforce programs.
Diana Furukawa, director of Millinocket library, emphasized efforts to change young people's perceptions about staying in their hometowns. Jasmine Folster from University of Maine Augusta East Millinocket Center reflected on the mill closures' impact on community identity but saw it as an opportunity for building a new collective identity.
“This is the town that the mill made,” Folster said. “But now you get a choice on what you want to be.”
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Amanda Blanco
Amanda Blanco is part of the communications team at the Federal Reserve Bank of Boston.
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