In Maine visit, Boston Fed president sees how residents are revitalizing local economies

Federal Reserve Bank of Boston President Susan M. Collins traveled to Biddeford, Bangor, and Millinocket this week to learn how Maine business owners and residents are innovating and collaborating to tackle pressing economic challenges.

On Wednesday, Collins met members of Maine's aquaculture industry at Atlantic Sea Farms - a Biddeford seaweed farming company that's providing local fishing families with lasting opportunities to earn income. Then, in Bangor, business leaders from a range of industries told Collins about their biggest challenges, including housing and inflation.

On Thursday in Millinocket, Collins learned how residents are collaborating to revitalize the former mill town - as well as create opportunities for young people.

Collins said the trip highlights the Fed's interest and emphasis on community and economic development.

"How do you build resilience in communities? That's about collaboration, (and) letting local people identify what's really needed, and bringing people together," she said.

Atlantic Sea Farms CEO Briana Warner led Collins on a tour of the company's facilities Wednesday. Aquaculture - the breeding, raising, and harvesting of fish, shellfish, and aquatic plants - is one of Maine's key industries.

Warner is also a member of the Boston Fed's New England Advisory Council, which keeps Collins informed about regional on-the-ground economic conditions. She said that "on the water," thousands of people are seasonally employed. That means they have few opportunities to earn income in the winter. By introducing Maine's longtime fishing families to kelp farming, Atlantic Sea Farms aims to provide an alternative source of income that's also beneficial to the local environment, she said.

During a roundtable discussion with members of Maine's aquaculture industry, Matt Moretti told Collins that the COVID-19 pandemic severely impacted the business he owns with his family, Bangs Island Mussels.

Moretti said most of his company's mussels are sold to restaurants, and sales dropped to zero after many of his clients closed during the pandemic. But Moretti said the company has since fully recovered and is focusing on retaining employees and innovation.

"We have to figure it out as we grow," he said.

Public link

Please use the above public link if you want to share this noodl on another website.