September 30, 2024

142: Economic Strategies in Maine with Anne Krieg

24 minutes

In this engaging episode of the Econ Dev Show, host Dane is joined by Anne Krieg, the Director of Community and Economic Development for Bangor, Maine. Anne provides an insightful overview of Bangor's economic landscape, emphasizing that while tourism is a major economic driver in Maine, Bangor relies more heavily on its medical centers and educational institutions, such as the Northern Light Medical Center and the University of Maine. She discusses the effective use of federal funds to revitalize underserved neighborhoods and the significant challenges that rural communities face due to limited staffing. Through her experience and perspective, Anne highlights the importance of community-focused planning and the need for systemic changes in regional development strategies to foster lasting economic growth.

10 Actionable Insights

Livability: Focus on making your community a desirable place to live with walkable neighborhoods, good parks, and quality education. This attracts both residents and businesses who want a high quality of life.

Community Engagement: Adopt a conversational, bottom-up approach to development. Involve the community in discussions to ensure that plans meet local needs and gain their support.

Long-term Planning: Develop and think in terms of 5, 10, 15, and 20-year plans. Strategic foresight ensures sustainable development and adaptability to future needs.

Promote Your City: Actively market your city to the outside world. Attend trade shows and tell your city's story to attract new investments and visitors.

Utilize Unique Assets: Leverage unique local assets like municipal airports and foreign trade zones. Highlight and make full use of distinctive infrastructure to drive economic opportunities.

Collaborate Regionally: Foster informal regional collaborations. Work with neighboring communities to address broader economic challenges and opportunities.

Support Rural Areas: Provide assistance to smaller rural communities that lack staff and resources. Offer guidance and resources to help them navigate development challenges.

Implementing Strategies: Focus on executing developed economic strategies. Turn plans into action by ensuring your team is dedicated to following through on strategies.

Holistic Approach: Employ planners who can see the bigger picture and integrate various aspects of city planning into economic development. A holistic view can create more cohesive and well-rounded development initiatives.

Sustainable Partnerships: Establish ongoing partnerships with local institutions and organizations. Collaboration with local entities ensures continuous support and resources for development projects.

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Special Guest: Anne Krieg.