New Report Reveals How New Maine Businesses Fared during the Recession Bookmark and Share

August 23, 2013

FOR IMMEDIATE RELEASE: August 23, 2013
Contact: Julie Rabinowitz, 207-621-5009

Looks at jobs and wages through 2012

AUGUSTA— The Center for Workforce Research and Information (CWRI) of the Maine Department of Labor has issued a new report that examines how business that opened in 2008 fared during the recession. The report is available on CWRI’s website at http://www.maine.gov/labor/cwri/publications/pdf/NewBusinessStarted2008TrackingJobsWagesThrough2012Aug2013.pdf .

“It is important that we look at our new businesses because they are a vital source of new jobs,” said Governor Paul R. LePage. “Entrepreneurs take risks that often pay off, but sometimes don’t. This report helps us understand the types of industries and business locations that fared better during the recession. We want to build on our strengths to create new economic opportunities for all our people.”

Prior reports from the Center for Workforce Research and Information have indicated that new Maine businesses created more new jobs during their initial year than did existing private businesses. This new report examines businesses that debuted in 2008 and tracks employment and wages through 2012 to measure how these new businesses performed over time. The goal of the report is to gain a deeper understanding of job creation and destruction at young firms.

New businesses are defined in this report as those employing unemployment insurance-covered workers for the first time in 2008.

For projections of job openings by individual occupation, see the Job Outlook to 2020 at http://www.maine.gov/labor/cwri/outlook.html .

The Center for Workforce Research and Information develops and disseminates information on employment, unemployment and wages; analyzes outcomes of education and training programs to guide decision making; and develops industry and occupational employment forecasts designed to guide career planning and curriculum development. They work with a wide range of customers to provide context to the dynamics of the economy and the implications those have for workforce development.

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