Mainebiz

V O L . X X I I I N O. X X V I O C T O B E R 3 0 , 2 0 1 7 6 Credit union assets up 4.2% in Maine Maine credit union assets, mem- bership and deposits all recorded growth in the fi rst half of the year, according to the latest mid-year report covering the six-month period through June 30. Combined assets rose 4.2% over a year ago to nearly $7.6 billion, while outstand- ing loans jumped by 9.1% year-on- year to $5.42 billion. Deposits also grew at a healthy clip, increasing by nearly $300 million in six months to $6.5 billion overall. And with the addition of 8,500 new members since the start of the year, member- ship in Maine credit union is now at a record 694,286. e Maine Credit Union League, founded in 1938, is the state trade association for 57 credit unions and nearly 695,000 individual members. Maine labor market remains tight As the tourism season winds down, Maine's labor market remained tight through September, the Maine Department of Labor reported. e preliminary seasonally adjusted unemployment rate of 3.7% for September was little changed from 3.8% for August and 4% one year ago. e number of unemployed was down 1,500 over the year to 26,100. At 24 months, this is the second longest period in more than 40 years that the unemployment rate has been 4% or less. e U.S. preliminary unemploy- ment rate of 4.2% for September was down slightly from 4.4% for August and down from 4.9% one year ago. e New England unemployment rate averaged 3.9%. September unem- ployment rate estimates for other states in the region were 2.7% in New Hampshire, 2.9% in Vermont, 3.9% in Massachusetts, 4.2% in Rhode Island, and 4.6% in Connecticut. e unemployment rate was below the statewide average in the Portland- South Portland metro area (2.5%) and close to the average in the Lewiston- Auburn (2.9%) and Bangor (3.1%) metro areas. N O T E W O R T H Y S T A T E W I D E Maine State Housing Authority Director John Gallagher will retire B U S I N E S S M A I N E Business news from around the state S T A T E W I D E Hey, don't listen to Forbes: Maine is open for business B y R e n e e C o r d e s South Portland — The state of Maine absolutely is open for business. That's the resounding message from a panel of executives speaking at the Mainebiz CEO Breakfast Forum. Moderated by Maine & Co. President and CEO Peter DelGreco, whose organization attracts new business and invest- ment to the state, the forum sought to separate fact from fi c- tion on doing business here, with input from CEOs representing sectors from manufacturing to high-tech. The session was held Oct. 18 at the DoubleTree by Hilton in South Portland. Setting the stage for a lively discussion, DelGreco pointed to a number of rankings in Forbes, CNBC and other media outlets that have assigned Maine very low marks and "don't paint our economy in a positive light." He said the reality was the opposite. The panelists, who lead companies home-grown in Maine as well as one that recently moved from the West Coast, all agreed that the pluses of doing business here far outweigh the minuses. "This is an amazing place, to live, and it's an amazing place to work," said Melissa Smith, president and CEO of WEX Inc., a global payment-systems company headquartered in South Portland that hit the $1 billion revenue mark at the close of 2016. "The more we get that message out, the easier it will be" to do business here, she added. WEX recently broke ground on a new headquarters in Portland, near the Ocean Gateway on the city's east end. Speaking as someone who recently relocated his com- pany to Saco from San Francisco, Cirrus Systems Inc. CEO David Rycyna said, "There's such a story of what's going on here, there are so many advantages you have in being here despite any disadvantages." More specifi cally, Rycyna said that Maine is "poised for where the world is technologically," especially as fi rms scout out where to set up clean-technology factories. "It's a great time for companies to be moving into Maine," he said, saying that one shouldn't pay too much attention to lists that cast Maine in a negative light. "Who cares about the Forbes intern that wrote that list?" he said. "Let's get real." Rycyna said he moved his company here in part because of the diffi culty recruiting talent in San Francisco, where Cirrus Systems had to go up against the likes of Google. "It's a tough ask in that market for a lot of that talent," he said. "We'd fi nd it in Maine." He also noted that in terms of physical space, the Bay Area was far more costly, "almost prohibitive, whereas in Maine we could step into a really good situation." Need for a 'talent pipeline' Among the challenges of doing business in Maine, panelists pointed to recruiting talent in certain areas and navigating the regulatory landscape at state and federal level. James Detert, director of U.S. manufacturing for Mölnlycke Health Care, said his company had invested heavily in automa- tion but has had trouble fi lling specialized positions related to robotics. "We're not as dependent on a vast labor force," he said, "but we're dependent on a very skilled labor force." Detert added that the company's biggest challenge is staffi ng appropriately in automation. In terms of getting more young people, WEX's Smith said her company is increasing its focus on interns to build a tal- ent pipeline and often "shares" interns with other companies such as Tyler Technologies and IDEXX, with the interns doing a kind of company rotation. By contrast, "fi nding someone a bit more seasoned, you're drawing from a smaller pool," Smith said. For fellow entrepreneurs looking to start or expand here, panelists offered some practical tips. "Whether you're new to Maine or starting business in Maine, make it your fi rst business to know the resources available," suggested Kent Peterson, president and CEO of Fluid Imaging Technologies. On that front he said there's a "plethora" of resources such as the Maine Technology Institute, which provided a grant to his company. "You won't need all of them, but you should know what each one offers," he said. B R I E F Mainebiz Publisher Donna Brassard listens in on the panel discussion moderated by Maine & Co. President and CEO Peter DelGreco at the Mainebiz CEO Breakfast Forum. Panelists, from left to right, were DelGreco; James Detert, director of U.S. manufacturing at Mölnlycke Health Care; Melissa Smith, president and CEO at WEX Inc.; David Rycyna, CEO of Cirrus Systems Inc.; and Kent Peterson, president and CEO of Fluid Imaging Technologies. P H O T O / P E T E R VA N A L L E N

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