Mainebiz

V I E W P O I N T S W W W. M A I N E B I Z . B I Z 3 O C T O B E R 1 7 , 2 0 2 2 From the Editor M aine's aging population, the housing crunch, labor shortage and the effects of the pandemic are front burner issues in small towns but also the state as a whole. Even before the pandemic, we were talking about three of these issues. Maine is already the oldest state in the nation, with a median age of 44.8. is is not new, but it became more of an issue when business owners saw the pandemic as a good time to call it quits. ere weren't the ranks of potential buyers (or family suc- cessors) to take over. e housing crunch was already brewing before the pandemic, but with home buyers coming in from more expensive markets, the median home price shot up to $360,000 at its peak in June (up from $200,000 as recently as 2017). e houses that came on the market were quickly snapped up by buyers who were often flush with cash from selling a home in a more expen- sive market. First-time buyers and would-be buyers of modest means got shut out of the market, which had a ripple effect at companies in need of workers. Likewise, the labor shortage was already brewing before the pandemic, with workers "aging out" of positions. e pandemic made the situation worse, sidelining many potential workers. e pandemic itself forced the closure of a wide range of businesses. In this issue, we look at two Maine towns, Castine and Bar Harbor, and how they're tackling some of these issues. Alexis Wells, our newest reporter, looked at the new life Castine found this summer after a slump in recent years. Her story shows how a small handful of people can make a big difference in a small town, buy- ing an iconic restaurant or taking over a historic inn. See "Castine's new blood," which starts on Page 14. In Bar Harbor, the housing crunch has gotten so bad that large employers are, in effect, becom- ing developers. See Laurie Schreiber's story, which starts on Page 18. Peter Van Allen pvanallen@mainebiz.biz Featured @ Mainebiz.biz For a daily digest of Maine's top business news, sign up for the Mainebiz Daily Report at mainebiz.biz/enews Get Maine's business news daily at mainebiz.biz and on Twitter (@Mainebiz). Below is our most popular content for the period from Sept. 28 to Oct. 12. 1. Meet the 2022 NextUp: 40 Under 40 honorees 2. An iconic downtown Brunswick building will reopen after a long restoration 3. Bangor eatery gets top props in national ranking 4. Portland real estate firm Boulos appoints first female president 5. Scarborough family donates $500K toward Maine Med expansion 6. Rock Row developers to build Maine's first mass timber office building 7. 2022 NextUp: 40 Under 40 Honorees 8. Thrive Maine accepting applications for forgivable loan program 9. Mills, LePage clash over housing, child care, workforce 10. Sea Dog Brewing to open location in Scarborough Dedicated independent investigators when you need the facts. bernsteinshur.com Be informed. BE SHUR. Conducting investigations for a broad range of clients. Schools & Universities | Corporations | Non-Profits | Sports Organizations | Governmental Entities How two towns' issues are a reflection of Maine in general Bar Harbor and Castine tackled issues faced by all of Maine.

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