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V O L . X X I V N O. I JA N UA R Y 8 , 2 0 1 8 12 budget and fi scal policy. Signifi cant needs exist to support economic and workforce development around infrastructure, health care and education — all of which are critical to the economic well-being of Maine. Without adequate investment in areas through bonding and other means, Maine will be ill-prepared to compete in a global economy. Iris: Legislators can attempt to stimulate economic growth either through deregulation or through tax reform. Regulatory improvements and fundamental reform could potentially bolster commercial and industrial projects on an expedited basis. e impact of legislation to reduce or eliminate state income tax is reliant on a subsequent surge in growth to off set state revenue loss. If growth falls short or does not fl ow through to increased tax remittances, then the state would be forced to make cuts in order to com- ply with its constitutional budget mandate. Rector: By and large, the eff ects from the two most signifi cant changes — Medicaid expansion and adult recreational marijuana — won't really be felt until 2019. In both cases, the details are still being worked out and there is the potential for additional implications from federal crack- downs on the marijuana issue. In order to limit the negative impacts from Medicaid expan- sion, the Legislature will need to come up with a responsible, ongoing funding source that doesn't jeopardize the state's fi scal position or result in a less hospitable environment for Maine businesses and residents. Additionally, the state will have to decide whether to conform to some or all of the federal tax reform changes, which could have a major impact on businesses. Bouvier: Several bills that were carried over could have a huge impact on economic development. e most important ones are acts to develop a long- term plan for economic development, and eff orts to improve public transportation and to fi x our crum- bling infrastructure. ese bills will not come cheap, but they could have a huge positive impact on the work force and business development. 4. What are some of the biggest challenges and opportunities ahead? DeLutio: Our biggest opportunity is turning some of the millions people who visit Maine each year into residents and lifelong consumers of Maine products. Every out- of-state visitor is like someone stepping into our show- room. Few other states have such a unique opportunity. If global instability continues in the long-run, Maine's safe communities, clean environment and scenic beauty will become ever more attractive and valuable. Some analysts see the next wave of global growth happening not in crowded megacities like New York but in smaller cities like Portland. Maine can prepare to leverage these trends by increasing our connections to outside econo- mies — through telecommunications investments and business partnerships — and by welcoming new resi- dents. Our biggest challenge is demographics — the wave of baby boomers nearing retirement and the lack of young people waiting to take their place. Damicis: In Maine, challenges are most acute around workforce, infrastructure and public con- sensus. Maine is relatively old and continues to age as population and in-migration continue to lag. is will make fi lling job openings challenging for both new jobs created as well as replacement jobs. With a labor force participation rate around 63%, Maine will have to both attract more working-age population as well as support programs to enable more of its existing population, many of whom have personal barriers, to enter and remain in the You work hard and are dedicated to your business. Shouldn't your Banker share those business. Shouldn't your Banker share those values? We share your community, your state, values? We share your community, your state, and your characteristics. Like you, we are dedicated. Like you, we work hard. Like you, dedicated. Like you, we work hard. Like you, we are Mainers. So why not work with a banking we are Mainers. So why not work with a banking team that works as hard as you do. Contact us today! Community Bankers. at ' s who we are. Local bankers that work as hard as you do. BankNH.com 1.800.832.0912 Member FDIC Your BNH Maine Business Banking Team (L to R): Britany Hustus, Jeremy Deering, David Eldridge, Christopher Logan, Chuck Schwab, and Travis Frautten » C O N T I N U E D F RO M P R E V I O U S PA G E In Maine, challenges are most acute around workforce, In Maine, challenges are most acute around workforce, In Maine, challenges are most acute around workforce, In Maine, challenges are most acute around workforce, In Maine, challenges are most acute around workforce, In Maine, challenges are most acute around workforce, In Maine, challenges are most acute around workforce, In Maine, challenges are most acute around workforce, In Maine, challenges are most acute around workforce, In Maine, challenges are most acute around workforce, In Maine, challenges are most acute around workforce, In Maine, challenges are most acute around workforce, In Maine, challenges are most acute around workforce, In Maine, challenges are most acute around workforce, infrastructure and public consensus. Maine is relatively infrastructure and public consensus. Maine is relatively infrastructure and public consensus. Maine is relatively infrastructure and public consensus. Maine is relatively infrastructure and public consensus. Maine is relatively infrastructure and public consensus. Maine is relatively infrastructure and public consensus. Maine is relatively infrastructure and public consensus. Maine is relatively infrastructure and public consensus. Maine is relatively infrastructure and public consensus. Maine is relatively infrastructure and public consensus. Maine is relatively infrastructure and public consensus. Maine is relatively infrastructure and public consensus. Maine is relatively old and continues to age as population and in-migration continue to lag. — Jim Damicis

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