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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 18 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 B A N K I N G Credit union chief: Economy expected to be flat this year B y P e t e r V a n A l l e n D avid Libby, president and CEO of Town & Country Federal Credit Union, is wary of the high level of consumer debt and what impact that may have on the economy this year. Outstanding credit card debt is expected to top $1 trillion this year. "As we enter 2020, I anticipate that card debt will slow consumer purchases. Credit card debt out- standing has continued to rise, and shows no sign of dissipating this year," Libby tells Mainebiz. "In Maine, rising incomes with continued low unem- ployment may give some relief in this area." Town & Country FCU, which is based in Scarborough, has six offices, 120 employees and $385 million in assets. With the Federal Reserve Bank indicating it will hold off on any further reductions in the prime lending rate, Libby sees the economy flattening out. "With the Fed indicating that no further rate reductions are planned at this time, that is likely a signal that there will be a wait and see approach with the economy in more of a holding pattern than in previous years," he says. "Overall, we expect eco- nomic activity to be relatively flat." He expects auto sales to be among the sectors affected, which will have an impact on lenders and dealers, as well as state and local tax revenue. "With years of very strong U.S. auto sales, most consumers have upgraded vehicles as needed due to holding onto late model vehicles during the prior economic downturn," he says. Bright spots in the economy Libby expects the housing market to remain strong, at least in southern Maine. "With the southern Maine housing market remaining very tight, real estate lending, especially in Cumberland and York counties, shows little sign of slowing. We expect the strong home mort- gage refi market to continue due to low interest rate environment. is low rate market also allows new and first-time buyers to enter home buying market," Libby says. He said the lack of existing homes is creating demand for loans for new homes and even owner- occupied multi-unit properties. Both, he says, are reactions to the tight housing market, "as buyers look for options to help offset the high cost of real estate in communities across the region." As for Town & Country FCU itself, Libby says, when it comes to possible expansion, it remains open to opportunities. "We are continuing to examine our current and future branch/store network to understand future consumers so always looking at opportunities to meet those needs," he says. » C O N T I N U E D F RO M P R E V I O U S PA G E I N T E R I O R D E S I G N A recent transplant optimistic about growth in 2020 B y R e n e e C o r d e s "E verything we do has a story to it," Jacqueline McGee says of Ealain Studio, an interior design firm she launched in Portland with business partner Janet d'Aprix last summer. is year will include work on Ealain's first project in Portland, a Canopy by Hilton hotel being developed by Jim Brady. e hotel, which will be on Commercial Street, will feature an indoor-outdoor rooftop bar around the theme of a beacon on the water and 135 guest rooms with a residential feel. McGee, who is British by birth and was an art director for BBC Television productions, segued into interior design in 2003, while d'Aprix has been working in design since 1997. ey were both previously with the Boston office of Perkins and Will, a global architecture firm, before parlaying their award-winning national portfolio into a firm of their own in Portland. "We're new in Maine but we're not a new business," McGee says. She leads design at Ealain while d'Aprix is studio director. e company name, (pronounced "ay-LAHN") comes from Elada, a Gaelic word for art, science, acquired craft or skill — appropriate for a firm focused on lifestyle boutique and high-end hotels. Recent projects include Boston's Whitney Hotel. Canopy by Hilton, the first of three projects for Ealain in Portland, is being developed by Jim Brady's Fathom Cos. and is set to open in 2021. Brady, a 2017 Mainebiz Next honoree who developed Portland's Press Hotel, enlisted Ealain for his latest project in Maine's largest city after being impressed with its portfolio of creative hotel design work. "I saw working with them as a great way to stay local, while they also brought a much broader national per- spective and work experience," Brady says. e interior design work includes all rooms, public spaces and an indoor-outdoor rooftop bar, and McGee says that this spring they'll build a model guest room at an off-site warehouse. At Elain's office on Fore St. where they currently employ eight designers, McGee says she's optimistic about growth in 2020 and beyond, with plans to add more interns from Maine who study out of state. "ere's no accredited interior design program in the whole of Maine, and that's a big problem," she says. "By coming here and attracting young talent to Maine, we're offering something very different in the interior design business." She also hopes to be up to 20 employees in two years from now, noting, "ere's plenty of space next door. We really love this office." Credit card debt outstanding has continued to rise, and shows no sign of dissipating this year. — David Libby Town & Country Federal Credit Union We're new in Maine, but we're not a new business. — Jacqueline McGee Ealain Studio, P H O T O / J I M N E U G E R P H O T O / J I M N E U G E R David Libby, president and CEO of Town & Country Federal Credit Union Jacqueline McGee is principal and director of design at Ealain Studio, which she launched in August 2018 in Portland. Ealain employs eight designers at its office at 408 Fore St.

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