Our purpose is to strengthen and revitalize opportunity and prosperity in Maine by accelerating the creation of quality jobs within a few select, traded sectors that have high growth potential, based on global growth projections and Maine’s competitive advantages in those sectors.
Our focus is on traded sectors, which primarily sell products and services outside of the state, a process which then increases wealth in the state. Employment created in traded industries has a higher rate of full-time work and pay 50 percent higher wages than local jobs, and each new job in a traded industry creates, on average, an additional 1.6 new jobs in the local economy.
Our guiding principles are:
- Pursue the development of two or three vibrant and resilient “signature industries” in the traded sector that accelerate business development and reflect the values of our unique state in a changing world.
- Select and develop signature industries using a pure, nonbiased process in which we allow research and derived data to drive the selection of the signature industries.
- Build on and collaborate with other state economic initiatives, leveraging the resources of the state most effectively.
- Develop 10-year implementation plans and oversee the execution of those plans to achieve projected direct and indirect job growth.
- Create family economic security and enhance Maine’s economic sustainability, by determining areas of competitive excellence and becoming:
- A fertile environment for Maine citizens to grow their careers;
- A compelling location to grow jobs organically in the signature and supporting industries; and
- A beacon for entrepreneurs and current Maine companies in the selected industries or supporting industries to compete more successfully in the signature industries.
Critical to success is our diverse team of some of the state’s strongest and most successful business leaders, informed by advisers and economists from academia, business associations and government.