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V O L . X X I V N O. I I JA N UA R Y 2 2 , 2 0 1 8 12 B U S I N E S S M A I N E B U S I N E S S M A I N E B U S I N E S S N E W S F RO M A RO U N D T H E S TAT E to redeveloping a region that was once dependent on a paper manu- facturing facility for a majority of its economic resource." e road map, which is funded by the Elmina B. Sewall Foundation and Jane's Trust, is expected to be ready for distribu- tion in the winter of 2019, the news- paper reported. Fiberight waste-to-energy plant on track to open Fiberight LLC has completed the $70 million project fi nancing neces- sary to complete construction on the fi rst phase of the municipal solid waste-to-energy plant it's building in Hampden. e fi nancing includes a $45 million Finance Authority of Maine tax-exempt bond issuance underwritten by Jeff eries LLC and $25 million in private equity. Phase 1 construction began in October, with a focus on sitework and build- ing construction, the company said in a news release. Fiberight CEO Craig Stuart-Paul said that with the close of the bond fi nancing, the plant will start accepting municipal waste in the second quarter of the year. e Fiberight plant will serve 83 municipalities, many of which were among the 187 Municipal Review Committee cities and towns that had a 30-year contract with the Penobscot Energy Recovery Co. incinerator in Orrington. N O T E W O R T H Y N O R T H E R N & E A S T E R N U.S. Cellular built a new cell site in Bangor to increase capacity in the area. WE'VE GOT MAINE* COVERED ALL DAY AND EVERY DAY *with nightly and weekend routes to New Hampshire and Massachusetts with nightly and weekend routes to New Hampshire and Massachusetts WE WANT TO BE YOUR COURIER! FIRST TIME CUSTOMER? Mention this ad for 50% off of your first pick-up and delivery order. of your first pick-up and delivery order. Service and dispatch: 848-7546 Sales and information: 800-427-7547 UnishipCourier.com Rates as low as $15 for same day pickup/delivery Stay informed, engaged and connected with a print + digital subscription to Mainebiz. You'll receive bi-weekly issues, special publications and full online access! F U L L C O N T E N T S O N PA G E 4 F U L L C O N T E N T S O N PA G E 4 F U L L C O N T E N T S O N PA G E 4 S O U T H E R N M A I N E S O U T H E R N M A I N E S O U T H E R N M A I N E F O C U S F O C U S F O C U S Economy Economy Economy motion motion motion $2.00 $2.00 $2.00 July 10, 2017 July 10, 2017 July 10, 2017 VO L . X X I I I N O. X V VO L . X X I I I N O. X V VO L . X X I I I N O. X V www.mainebiz.biz www.mainebiz.biz www.mainebiz.biz Know Maine Business. Or call: 845.267.3008 Subscribe online: mainebiz.biz/knowmainebiz F O C U S F O C U S F O C U S S O U T H E R N M A I N E S O U T H E R N M A I N E S O U T H E R N M A I N E Southern Maine builds Southern Maine builds Southern Maine builds on diverse industries on diverse industries on diverse industries S O U T H E R N M A I N E S O U T H E R N M A I N E S O U T H E R N M A I N E F O C U S F O C U S F O C U S Economy Economy Economy motion motion motion S O U T H E R N M A I N E F O C U S S TA R T S O N PA G E 1 1 S O U T H E R N M A I N E F O C U S S TA R T S O N PA G E 1 1 S O U T H E R N M A I N E F O C U S S TA R T S O N PA G E 1 1 » in in in Economy in Economy Economy Economy in Economy in Economy in Economy Economy Economy in Economy motion in motion motion motion in motion in motion in motion motion motion in motion F U L L C O N T E N T S O N PA G E 4 F O C U S S O U T H E R N M A I N E M U S H RO O M A N D C O N S T R U C T I O N P H O T O S / T I M G R E E N W AY P O R T S M O U T H N AVA L S H I P YA R D P H O T O S / J I M N E U G E R 12 Anchoring Kittery The Portsmouth Naval Shipyard, a major employer in southern Maine, gears up for the future. 16 A real estate surge A shortage of existing homes has contractors scrambling to meet the demand for housing. 19 Ag's next wave? Mushroom growers are cultivating a variety of fungi to keep up with demand from chefs and consumers. Southern Maine builds on diverse industries S O U T H E R N M A I N E F O C U S Economy motion S O U T H E R N M A I N E F O C U S S TA R T S O N PA G E 1 1 » in $2.00 July 10, 2017 VO L . X X I I I N O. X V www.mainebiz.biz F U L L C O N T E N T S O N PA G E 4 F O C U S S O U T H E R N M A I N E M U S H R O O M A N D C O N S T R U C T I O N P H O T O S / T I M G R E E N W AY P O R T S M O U T H N AVA L S H I P YA R D P H O T O S / J I M N E U G E R 12 Anchoring Kittery The Portsmouth Naval Shipyard, a major employer in southern Maine, gears up for the future. 16 A real estate surge A shortage of existing homes has contractors scrambling to meet the demand for housing. 19 Ag's next wave? Mushroom growers are cultivating a variety of fungi to keep up with demand from chefs and consumers. Southern Maine builds on diverse industries S O U T H E R N M A I N E F O C U S Economy motion S O U T H E R N M A I N E F O C U S S TA R T S O N PA G E 1 1 » in $2.00 July 10, 2017 VO L . X X I I I N O. X V www.mainebiz.biz 2018 outlook: Boston Fed's Fuhrer sees moderate growth B y R e n e e C o r d e s Portland — Jeffrey C. Fuhrer, executive vice president and senior policy advisor at the Federal Reserve Bank of Boston, predicted 2.5% U.S. economic growth in 2018 and gave a quick readout of what the new tax-reform package means for households and businesses. "For the last three quarters, we've actually had quite robust growth, averaging around 3%" he said in opening Mainebiz's Five on the Future event on Jan. 16 in Portland. "It turned out the year as a whole was actually pretty good." In the coming year, he said growth is expected to be "in the 2.5% range, maybe a little stronger, maybe a little weaker." And while the projected growth will be consumer-led, invest- ment is also doing better, according to Fuhrer's presentation. He also said he's optimistic of productivity growth picking up. Turning his attention to the recently passed tax reform, he noted that while most households will receive a net tax cut, the biggest cuts will go to the highest-income households. Those lower rates revert back to current rates in 2025 to reduce the impact of defi cits. For corporations, the reform means a lower tax rate of 21%, down from 35%; repatriated earnings will be taxed at a lower rate; and more rapid expensing of capital and structures. Interestingly, Fuhrer said that while companies have been sitting on a lot of cash or cash-like assets for some time, they've by and large used the money to buy back shares or pay dividends. With greater after-tax profi ts generated by the reform, Fuhrer said, the hope is that employers will return more to workers, and noted that some have already said they will give bonuses and raise wages. "We hope we'll see more of that," he said. Following his talk, Fuhrer moderated a panel discus- sion with Kathie Leonard, president and CEO of Auburn Manufacturing; Michael O'Hanlon, vice president of govern- ment and industry relations at Wayfair; Drew Sigfridson, SIOR, managing director of brokerage services at CBRE | The Boulos Co.; and Matt McGrath, president of Systems Engineering. B R I E F P H O T O / P E T E R VA N A L L E N At the Five on the Future conference, from left, Jeffrey C. Fuhrer questioned a panel made up of Kathie Leonard, Michael O'Hanlon, Drew Sigfridson and Matt McGrath

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