Colgan: Maine's economy is stuck | News
PORTLAND, Maine (NEWS CENTER) -- Offering his prediction for the upcoming economic year, a professor at the University of Southern Maine says he doesn't foresee much change in 2013.
Professor Charlie Colgan admits that he's been too optimistic in predicting Maine's economy for the past three years. The reality of the situation nationwide has made the timing of getting out of the recession difficult to forecast. Colgan says Maine is stuck in the same position it's been stuck in for the past four years.
"You can see there's extreme volatility in the data with the private sector up, the private sector down. Government has been net down in Maine just as it has been in the US, and the effect of all that is to leave Maine still waiting for a job recovery to begin," Colgan said.
Colgan predicts that it will take the US to return to pre-recession status at least another year and a half. Maine won't recover until nearly a year after that.