Nearly five years after the Great Recession of 2008, the road to economic recovery has been sluggish nationwide – with employment and economic activity still below levels recorded before the severe recession hit. Of particular concern is that the growth in Maine, along with that of the rest of New England, continues to lag behind even the sluggish growth of the overall U.S. recovery. As the Federal Reserve Bank of Boston concluded at the end of 2013, “While New England’s economy continued to make moderate advances in 2013, the region experienced smaller gains in economic activity than the nation.”
At the same time there is a growing recognition that economic challenges to advancing technology industries are rising. Increasing globalization, the fast pace of technological change, and the growing strength of developing nations in generating highly educated and skilled talent pose a threat to the economic competitiveness of all regions in the U.S.
This report was undertaken to provide the Maine Technology Institute (MTI) a forward-looking, comprehensive assessment on how Maine’s technology industries are evolving and performing as drivers of economic growth. The report also assesses the gaps and weaknesses in Maine’s “innovation ecosystem,” which supports the ability of innovative firms to succeed in Maine.