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V O L . X X V I N O. I JA N UA R Y 1 3 , 2 0 2 0 22 2 0 2 0 E C O N O M I C F O R E C A S T F O C U S N O N P RO F I T Year-round islands: Diversified income will be key to sustainability B y L a u r i e S c h r e i b e r T wo competing trends make the econ- omies of Maine's year-round islands precarious, says Rob Snyder, president of the nonprofit Island Institute. "e lobster industry is suffering from international trade tariffs and a drop in lobster landings," he says. "Prices for lobster have been high so markets for our product are becoming unpredictable at home and abroad. Meanwhile, tourism is booming, but the related jobs often do not pay well." In 2020, island residents will need to be ever-more creative in making an income. "People are looking at diversifying their income," Synder says. "ey are adding to their lobster businesses by starting small- scale kelp and shellfish aquaculture businesses. Communities are also looking into investing in broadband networks so visitors will stay farther in to the shoulder sea- sons, and year-round residents can participate in the work-from-home economy. e broadband strategy may also help attract people to move here, something that we need in order to sustain our workforce as our communities age." e Island Institute, which was founded in 1983 and is based in Rockland, works with 120 island and coastal communities to strengthen economies, enhance educa- tion and share information and resources. Community impact On Monhegan Island, Carly Mayhew and Mott Feibusch were looking for a business idea that would allow them to stay year-round without having to work a lot of part-time jobs. ey realized the thing they missed on Monhegan was fresh-roasted coffee. "e couple decided they needed a short introductory course on the coffee business and roasting techniques," he says. With a professional development grant from the Island Institute's Tom Glenn Community Impact Fund, Mayhew attended a roasting workshop. Consulting with Island Institute staff, Mayhew and Feibusch developed a business plan and received a small business loan from the Glenn Fund to buy a used coffee roaster. "With that, Monhegan Coffee Roasters was born," Synder says. "Living in an isolated, rural community like Monhegan, conventional financing options and training can be hard to obtain." e Island Institute's Glenn Fund, he adds, is designed to meet people on their terms, in the communities in which they are building lives and connec- tions, and help them thrive. "It's not about attracting the next big employer," he says. "People here work hard, and they work for themselves. We need to support the people who are diver- sifying their incomes and attract people who wish to do the same. We also need to empower the educated and underemployed women along our coast. Broadband investments and small business support can support these outcomes." People are looking at diversifying their income. They are adding to their lobster businesses by starting small-scale kelp and shellfish aquaculture businesses. — Rob Snyder Island Institute Rob Snyder, president of the Island Institute in Rockland, says residents of Maine's year-round islands continue to be creative when it comes to diversifying their incomes. P H O T O / C O U R T E S Y O F I S L A N D I N S T I T U T E C O N S T R U C T I O N Millennials will take greater role in construction workforce B y J o y C h o q u e t t e G reat Falls Construction, a fam- ily-owned company in Gorham, employs 40 individuals and looks forward to a year full of growth and new opportunities. "We're at a time when there's a lot of activity going on, a lot of projects, people are busy," says Jon Smith, president of the firm. "ere's a lot of room for opportunity when it comes to construction." Cindy Smith, vice president of the firm, says Great Falls has seen an increase in millennials coming into the field. "It's pretty exciting to see more young people going into construc- tion," she says. e company looks at what sets it apart when it comes to planning for further growth and success. "We have a lot of good com- petitors," says Jon. "We're a small, family-owned company and we focus really hard on our culture as an organization." roughout the state, Jon Smith says that there is a big focus on workforce development which he and Cindy believe is important. is is an important area for the com- pany, too. "As a team, we're doing a lot of things as well," he says. Another challenge the firm faces in 2020 is workforce development. Jon notes, "e aging workforce not only affects us but our subcontrac- tors as well." He notes that all are feeling the pinch, and says, "We have to adjust accordingly." e diversity and younger workforce employed by Great Falls Construction is something that both Jon and Cindy appreciate. "It's really pretty exciting to see," says Jon. Employees of Great Falls Construction enjoy some interest- ing perks. Two of the most notable are college tuition repayment and healthcare coverage. Cindy notes that the company assists in paying off student loans for eligible employees. It also pays 100% of health care insurance for its team members. at benefit is also one of the company's greatest challenges. Cindy states that the health care costs for small businesses are extremely high. However, the company is proud to offer this ongoing benefit to its employees. "Our goal is to have career-minded team members," she says. "And our team members really need that benefit." P H O T O S / C O U R T E S Y O F G R E AT FA L L S Cindy Smith, vice president of Great Falls Construction Jon Smith, president of Great Falls Construction We're at a time when there's a lot of activity going on, a lot of projects, people are busy. There's a lot of room for opportunity when it comes to construction. — Jon Smith Great Falls Construction » C O N T I N U E D F RO M P R E V I O U S PA G E

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