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10 C E L E B R AT I N G 3 5 Y E A R S O F R E S P O N S I B L E D E V E LO P M E N T Congratulations Visit nbtbank.com/me today. Member FDIC Your friends at NBT Bank congratulate MEREDA on the celebration of 35 years! M aine is at an economic crossroads. Over the next decade, our state will face significant challenges including: a likely global downturn as part of the normal eco- nomic cycle; an aging workforce; and threats to some of our largest industries due to technology and climate change. Fortunately, Maine has the resources and assets to address the aforementioned challenges, and the ability to create positive opportunities based on those challenges. If implemented boldly, the plan outlined in the recently-released "Maine Economic Development Strategy 2020–2029" will prepare and shape the next evolution of real estate demands across the state. An aging popula on will require new work- force and senior housing op ons, and expanded healthcare services. According to the U.S. Census Bureau, Maine is the oldest state in the union. Natural, age-related attri- tion of our current workforce will cause an estimated workforce reduction of 65,000 people over the next ten years. As a result, Maine needs to add at least 75,000 people to our workforce throughout the next decade. While we have many talented, hard-working people right here in Maine, we need more. We must engage those among the 100,000 working age individuals who live in Maine but are not currently in the workforce. We also need to attract workers from beyond our borders, which includes welcoming and engaging both domestic and foreign immigrants. All of this will require additional, affordable housing and transportation services. As our population continues to age, we will also need additional development of senior housing, medical offices, long-term care, and other medical care facilities. Climate change and rising sea levels create the need for new, clean energy sources. Maine currently has more than 8,600 jobs in en- ergy efficiency. This number will continue to grow as we see increased investments in Maine's clean, renewable energy sources including solar, wind and biofuels. We will also see continued expansion in the instal- lation and design of high-efficiency and renewable plumbing, heating, ventilating, and air conditioning systems. Increased innovation will diversify our heritage industries. Maine's plan pursues Economic and Policy Influences on Real Estate Development over the Next Decade and Beyond By Heather Johnson, Commissioner of the Maine Department of Economic and Community Development