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V O L . X X X N O. I JA N UA R Y 8 , 2 0 2 4 10 E C O N O M I C F O R E C A S T F O C U S T R A N S P O R TAT I O N Portland Jetport director predicts 'stable growth' for airport and regional economy B Y R E N E E C O R D E S P aul Bradbury, director of the Portland International Jetport, is more bullish going into 2024 than he was a year ago when many economists feared a recession that never materialized. "e unexpected soft landing has the Jetport and our regional economy well-positioned for modest but stable growth in 2024," says Bradbury, who has led Maine's biggest airport since 2008. Total passengers in 2023 departing from and arriv- ing at the Jetport were projected to be up 11.5% over 2022, while takeoffs and landings were projected to be 1.9% lower. e numbers are trending in opposite directions because airlines are carrying more passengers on fewer aircraft — planes that are larger and more fuel-efficient. In the industry, the practice is called "upgauging." Jetport upgrades After rehabilitating the main runway in 2022, the Jetport will embark on a $13.3 million revamp of the taxiway that runs parallel with the main runway in 2024. Known as Taxiway A, the lane moves aircraft from the terminal apron to the runways. Other 2024 projects include replacing five pas- senger boarding bridges and adding three new ones, replacing baggage claim carousels and expanding public parking, bringing the total capital budget to $33 million for the year. As far as financing, Bradbury says the Jetport has no immediate borrowing needs after replenishing its cash reserves to a "healthy" level above $40 million. "is, combined with grants, will be used to fund the backlog of infrastructure projects caused by the pandemic," he says. By early 2027 the Jetport aims to become a hub for charter flights to the Caribbean or Europe as a Federal Inspections Services Facility equipped to handle customs and border protection. Bradbury, who estimates the project cost at around $14 million, says he believes the project can be funded with the current $4.50 passenger facil- ity charge in combination with grants and Jetport cash reserves. B U S I N E S S A DVO CAC Y Maine Black Chamber of Commerce aims to exceed 100 members B Y R E N E E C O R D E S J oshua Brister, owner of the Lewiston-Auburn Maples women's semi-professional basket- ball team, founded the Maine Black Chamber of Commerce in 2023. e Lewiston-based organization provides advo- cacy and support for Black business owners across the state. Membership is also open to companies and individuals whom Brister refers to as "race-conscious" business leaders. "I wanted to create a place where our voices mat- ter," he says of the group, which has close to 50 mem- bers across all 16 Maine counties. Members include MEMIC, the Portland-based workers' compensation insurer, and companies in several sectors according to Brister, who leads a staff of four. In 2024, Brister aims to surpass 100 members and host monthly "Bring it to Brunch" events, the first of which took place last September featuring Peter F. Hurst Jr., president and CEO of the Greater New England Minority Supplier Development Council. A fter the last three years, it's hard to find anyone who is optimistic without some reservations. But the economy seems a bit steadier, and business leaders Mainebiz talked to are cautiously optimistic. Some of the biggest concerns were concerns even before the panademic: Labor shortages, concerns about higher expenses, including wages and salaries and the ongoing need for affordable housing. As Curtis Picard, the head of the Retail Association of Maine, says, "Things have kind of evened out and returned to more normal." P H O T O / J I M N E U G E R Paul Bradbury, director of the Portland International Jetport, says the Jetport has a $33 million capital improvements budget for 2024. I wanted to create a place where our voices matter. — Joshua Brister Maine Black Chamber of Commerce 2024 Cautious optimism Maine business leaders see good signs in the economy, but are wary of the unexpected

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