BANGOR, Maine (WABI) – State and business leaders from across Maine came together in Bangor Tuesday to assess the current state of the economy and to look ahead.

This is the third annual Economic Summit put on by the Bangor Region Chamber of Commerce.

Maine’s economic stresses and successes were dissected, featuring speakers from the Maine State Chamber, Maine Department of Economic and Community Development among other agencies.

Patrick Woodcock, president and CEO of the Maine State Chamber, describes the state’s current economic state as “entering a new chapter with significant risks.”

The largest setbacks currently include replacing an aging workforce with young professionals and ensuring there is enough housing to keep them here without draining their savings.

During his presentation, Woodcock asserted that Maine has one of the highest employment to housing ratios. Meaning, while there are jobs available in the state, there is not enough housing to support the employees working these positions.

Another challenge presented was the end of free community college to fund other state programs like Medicaid.

When coming up with solutions, many urged closer relationships among policymakers, constituents, and local businessowners to make sure everyone’s needs are heard.

Organizers say it is summits like these that make community building that much easier.

“One of the things that’s great about Maine and the Bangor region in particular is people do really work together, and it takes all of us working together to find solutions to our challenges,” explains Deb Neuman, president and CEO of the Bangor Region Chamber of Commerce.

For Woodcock, not only does the summit provide networking opportunities for local business, but a direct way to voice concerns to legislators: “We try to listen to these community leaders to make sure that the State Chamber, it has the right priorities, but ultimately that the public policymakers of Augusta are hearing from them. They are seeing the front lines of the economy, and their perspective needs to be elevated when we’re making these key decisions with the state budget or with priorities for the next session.”

In Bangor, Neuman says there has been an increase in new businesses moving into the Queen City.

Despite this, and the large population of young people thanks to nearby colleges, housing remains a huge barrier.

Copyright 2025 WABI. All rights reserved.