Why People Move to Maine
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Why People Move to Maine
The Department of Economic and Community Development's report on “Why People Move to Maine - A Study of Recent Migrants” offers insight into the state's positive net migration since 2020. We view this influx of people and talent as a positive (indeed, critical) development for Maine's economy and entrepreneurial ecosystem, as we often hear entrepreneurs cite access to capital and talent as key challenges to growing a high growth, innovative company in Maine. Furthermore, in-migration is a key goal of the Governor’s 10 Year Economic Development Strategy and this study provides a nice granular look at progress toward that end that can be instructive to every Maine employer.
A few of interesting insights from the report:
The ability to work remotely has clearly played a key role in allowing people to relocate to Maine. This is evidenced by the fact that over a third of survey respondents reported working remotely either all or most of the time, and 80% indicated that remote work was a factor that enabled them to move to Maine. This prompts us to consider how to engage these remote workers in Maine's entrepreneurial ecosystem and encourage them to either work with Maine startups or start their own businesses.
Not a surprise to many of us who love spending time outside in Maine, but the access to outdoor recreation was an important factor for folks moving to Maine, along with social connections, community, and cost of living. To learn more about how outdoor recreation contributes to the economy, Maine recently put together a 10-year roadmap linked here.
Climate and extreme weather are starting to influence migration partners. Maine is often cited as an attractive destination for climate migrants and three out of five migrants who moved to Maine indicated that climate has some influence on their decision to move to Maine.
Housing affordability continues to be a challenge and is believed to be driven in part by increased demand from in-migration. It will continue to be an important factor to attract and retain Mainers, and is one of the main reasons people cite for considering to move out of state. Certainly an important challenge that needs to be addressed to be able to continue to grow Maine’s workforce.
Click here to access the full report and learn more.
About Maine Venture Fund
Maine Venture Fund invests in Maine businesses that have the highest potential for growth and impact. For more information, visit maineventurefund.com.
Inquiries:
Terri Wark
Maine Venture Fund
(207) 305-0006
terri@maineventurefund.com
