MECEP: Proposed Bonds Would Deliver 3,100 New Jobs

Fact sheet provides information and analysis on Questions 2, 3, 4, and 5
Augusta, Maine (Thursday, November 1, 2012) The Maine Center for Economic Policy (MECEP) today released a two-page fact sheet of information and analysis on Questions 2, 3, 4, and 5, bond issues on the November 6 Maine ballot.  MECEP estimates the investments stemming from these bonds would create 3,162 new jobs and generate $377 million in economic activity as a result of the multiplier effects of these investments.
“With more than 50,000 Mainers looking for work, the 3,100 jobs these bonds would create come at a time when we most need them,” said MECEP Executive Director Garrett Martin. “Our analysis also found that every dollar the state invests will generate an additional $4.98 in economic activity. With Maine’s outstanding credit rating and interest rates at historic lows, these bonds represent a wise investment that will put more Mainers back on the payoll and give our economy a timely boost.”
MECEP determined that, if approved, the four bonds will generate $75.7 million in direct investment by the state of Maine and leverage $150 million more from other public and private sources. As the impact of these investments ripple through the economy, they will generate additional demand for goods and services and support jobs in other sectors of Maine’s economy. MECEP calculated the overall economic impact of these investments using a model of Maine’s economy developed by MIG, Inc. Economic development professionals commonly use this model to assess economic impacts of different types of projects and investments.
The four bond issues are Question 2, $11.3 million in new equipment and improvements at Maine’s public higher education institutions; Question 3, $5 million for the Land for Maine’s Future program; Question 4, $51.5 million to improve Maine’s transportation infrastructure; and Question 5, $7.9 million for clean water systems.
To obtain a copy of the new fact sheet on MECEP’s website, click here.