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V O L . X X X N O. I JA N UA R Y 8 , 2 0 2 4 20 E C O N O M I C F O R E C A S T F O C U S are much higher than the consistently low rates we've become accustomed to over the past two decades. "Relative to recent times, the costs of borrowing are higher, new ventures are riskier, and time is an essential consideration of any borrowing that Maine businesses entertain." But Maine also faces a challenge — and perhaps an opportunity — unlike those of other states. O'Reilly says, "People outside our state do not see us as a place of business, commerce and opportunity, which it is. ey see us only as a place to visit as a tourist." At the same time, however, the state's commerce commands a pre- mium. For example, consumers will pay 22% more for products and ser- vices when they come from Maine, according to a recent study by the Graduate School of Business and the Catherine Cutler Institute at the University of Southern Maine. "We have an incredible opportunity in 2024 if we can shift perceptions across the country about our industry value, which in turn, could help attract talent, drive growth, and provide enhanced returns for our business owners." Another challenge in 2024 will be a perennial one for Maine: building and retaining a well-educated workforce. Here, O'Reilly is optimistic, espe- cially about the contribution of the state's public university system. He points to the MaineMBA pro- gram, created by the merger of advanced business degree offerings at UMaine and USM in 2019. Since then, the program has expanded to a current enrollment of more than 400 students, based at a new location on Fore Street in Portland. "With our students located across the country and around the world, and with more than half based in Maine, we are both showcasing Maine and developing talent in the state," O'Reilly says. A E RO S PAC E Awareness is building of Maine's potential in the space industry B y L a u r i e S c h r e i b e r M aine's space industry is small but growing. A supply chain of about 80 compa- nies is small relative to other states, but expanding. Companies interested in establishing a presence in Maine include Teledyne Technologies (NYSE: TDY), a California-based technology company that based its business development director for the Americas at Brunswick Landing and is interested in becoming an anchor tenant at the eventual Maine Space Complex, says Terry Shehata, exec- utive director of the Maine Space Corp. Research and development are strong. K-12 teachers are developing space curricula and promotion of oppor- tunities and of crossovers with other industries such as marine, forestry and agriculture. But challenges remain such as education funding, improvements NURTURE ALL A non-profit improving the living conditions for rural communities of Africa by providing support in education, water & sanitization, healthcare, and connection AFRIC FOUNDATION @nurtureallafric www.nurtureallafric.org Lenana Twrs, 7th Fl Lenana Rd, Kilimani Nairobi, Kenya 501 Forest Ave Portland, ME United States LOCATIONS EDUCATION Creating a generation of leaders and changemakers by Building schools, providing supplies, college preparation counseling, and the scholarship program WATER & SANITATION Prevent the spread of disease & promote healthier lifestyles by Improving Irrigation, public Sanitation, garbage collection, and sustainability research HEALTHCARE Supporting existing healthcare facilities with equipment & supplies, training, and improving transportation services for rural communities. CONNECTION Creating inter-cultural partnerships for communities to share & benefit from supplies, equipment & expertise » C O N T I N U E D F RO M P R E V I O U S PA G E F I L E P H O T O / J I M N E U G E R Norm O'Reilly, dean of the University of Maine Graduate School of Business, says Maine needs to change perceptions nationally to create an awareness of the business community here. P ROV I D E D P H O T O Terry Shehata, executive director of the Maine Space Corp.

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