Mainebiz

V O L . X X X I I N O. I JA N UA R Y 1 2 , 2 0 2 6 12 E C O N O M I C F O R E C A S T F O C U S E C O N O M I C D E V E L O P M E N T Housing, life sciences key for Maine's economic development chief B y R e n e e C o r d e s M ichael Duguay, Maine's commis- sioner of economic and commu- nity development, says his three policy priorities this year are housing, life sci- ences and the blue economy. To ease the state's housing short- age, one goal is to streamline municipal codes governing the use of prefabricated, factory-built panels, roof systems and other materials. Under the current patchwork of local regulations, each home ends up being a "custom one-off," he says. To improve the situation, "it might make sense to look at this more as a regional approach." He also has high hopes for the new Maine Life Sciences Innovation Center, to be led by founding director Sarah Delmar to coordinate research, business and workforce efforts across an industry that employs close to 10,000 people. Bullish on Maine's economy in 2026, Duguay says, "I'm aggressively optimis- tic." F I N A N C I A L S E RV I C E S Aroostook-based credit union eyes continued expansion B y R e n e e C o r d e s T he County Federal Credit Union, based in Presque Isle and formed in 1956 to serve military and civilians then working at the Loring Air Force Base, is gearing up for further expansion well beyond its northern roots. "Aroostook County is not growing, which is where we mainly operated from prior to 2020," says Ryan Ellsworth, president and CEO. e credit union's 2021 merger with Penobscot County Federal Credit Union gave it a foothold in Penobscot and Piscataquis counties, followed by the green light last August to expand its membership to 13 of Maine's 16 counties. "We'd love to have all 16 counties," Ellsworth says. With close to $492 million in assets as of Sept. 30, 2025, and staffed by 107 employees across eight loca- tions, the County is ranked seventh among Maine-based credit unions in the 2026 Mainebiz Book of Lists. Ellsworth expects to stay busy on the hiring front. "I anticipate in the next two years we'll be adding another six or seven jobs and continue growing from there," he says. Over the next 12 to 18 months, the credit union aims to find a larger head- quarters in Presque Isle, where its home office is so full that it's renting a base- ment office in the Aroostook Center Mall for 10 employees. Eyeing the industry as a whole, Ellsworth foresees more mergers and acquisitions as many smaller credit unions struggle to achieve economies of scale. "You'll see more consolidation, but you'll end up with better credit unions in the end," he says. M A N U FAC T U R I N G Mounting workforce stress for manufacturers B y R e n e e C o r d e s W orkforce development in Maine's manufacturing sec- tor is a priority for John Lewis, who took the helm of the Manufacturers Association of Maine in 2025. In 2026, he expects two trends to shape the sector: the quickening pace of retirements among skilled work- ers and the increasing integration of automation and digital technologies: Both "are pushing employers to think differently about how they attract and develop talent," he says. Lewis offers a mixed outlook on Maine's economy as a whole. "Maine's economy appears steady and shows real promise in sectors like advanced manufacturing, national defense and innovation," he says. "But we have to be candid: the cost of liv- ing and the cost of doing business in Maine continue to rise. at reality affects our ability to attract and retain workers and places additional pressure on employers." S M A L L B U S I N E S S Restaurant owner pumped to branch into fitness B y R e n e e C o r d e s A bout 10 miles from Sisters Gourmet Deli in Bath, owner Michaela McVetty plans to open a Pilates studio in Brunswick this spring in a 10,000-square foot commercial building she purchased with her husband. Located at 21 Stanwood St., Routine will offer classes in Pilates, strength training, yoga and mobility, along with multiple saunas, red-light therapy and compress therapy. You'll see some more consolidation, but you'll end up with better credit unions in the end. — Ryan Ellsworth The County Federal Credit Union I'm aggressively optimistic. — Michael Duguay Maine Department of Economic and Community Development P H O T O / C O U R T E S Y O F C O U N T Y F E D E R A L C R E D I T U N I O N F I L E P H O T O F I L E P H O T O / J I M N E U G E R Ryan Ellsworth Michael Duguay John Lewis, director of the Manufacturers Association of Maine, is worried about the rising cost of living in Maine. The cost of living and the cost of doing business in Maine continue to rise. — John Lewis Manufacturers Association of Maine

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