Maine business survey shows tempered optimism, short-term money worries
Photo / Renee Cordes
As Maine's economy gradually opens up, business leaders are more optimistic than pessimistic, as shown in a survey released Friday.
As Maine's economy gradually opens up, many business executives remain unsure about what the next 12 months will bring despite the fact that optimism strongly outweighs pessimism.
Those are among the findings in a survey of 500 leaders from 35 industries conducted by the Maine Association of Chamber of Commerce Executives, the Maine State Chamber of Commerce and the Maine Tourism Association. The survey was conducted in December for a readout on sentiment going into 2021.
Findings were reported in the 36-page "2021 Moving Maine Forward Business Survey," which aims to guide state lawmakers as they shape policy and decide how to invest funds Maine receives through the recently enacted $1.9 trillion American Rescue Plan.
More optimism than pessimism
Around 41% of survey respondents said they were optimistic about their expectations for Maine's business climate 12 months from now, as opposed to 23% who said they were pessimistic. But 35% remain unsure.
Short-term money worries were a major concern, with 51.4% of respondents citing a cash injection over the next three to six months as a top priority. Other priorities include recent and mortgage relief, better insurance rates, more employees and lower utility rates.
The average Maine business also would need $65,000 on top of expected revenue to guarantee being open in 12 months from now, according to the survey.
'Huge shift' to remote work
Cory King, executive director for the Southern Maine Midcoast Chamber and past president of the Maine Association of Chamber of Commerce Executives, told Mainebiz he was surprised by how many businesses said they were somewhat unlikely or extremely unlikely to be open one year from now.
On the other hand, he said, 6.5% was a smaller percentage than he had expected, given that some business owners were reaching retirement age anyway.
King said he was also surprised by the finding of nearly seven in 10 businesses with a positive takeaway from the pandemic.
"When you consider that remote work spaces and flexible scheduling was mostly theoretical and not something many businesses were considering prior to COVID-19, and now one in four businesses are going to continue with it," he said, "that is a huge shift."
The survey was released the same day as Gov. Janet Mills announced that Maine will speed up its inoculation timeline to make more people eligible for COVID-19 vaccines earlier.
Starting Tuesday, Maine residents age 50 and older will be eligible for vaccination, while all residents age 16 and older will become eligible as of April 19.
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