Maine made progress in wages and productivity, but still faces shrinking labor force [Video]

Maine has hit targets for productivity and wage growth in the last few years, but faces a declining labor force, the state reported Friday in its updated 10-year economic development strategy.

Real wages – employee pay after inflation – and productivity were up 10% in the last four years, according to “The Maine 2020-2029 Economic Development Strategy: The 2024 Reset.” Though Maine has made “significant progress” in labor force growth, it’s fallen short “of where we need to be,” the report said. Productivity measures how efficiently money and labor are used to produce goods and services.

The updated plan was released at an event at Bigelow Laboratory for Ocean Sciences in East Boothbay Friday morning.

The initial report in 2019 was intended as a “roadmap to execute,” Commissioner Heather Johnson of the Department of Economic and Community Development said in an interview.

“Now it’s time to refresh that project suite. …