The Pittsburgh-based Fourth Economy Consulting this week released its list of 10 “large-sized communities” poised for economic growth across the country, and Maine’s Cumberland County ranked sixth.
The so-called Fourth Economy Communities were rated based on a variety of factors often seen as precursors to — or drivers of — economic growth, such as wage figures, employment numbers, education levels, entrepreneurship, minority business ownership, property values, population densities and a number of other things.
Fourth Economy analyst Chrystal Alexander said in a statement economic growth can typically be forecast in “communities with plenty of access to higher education, with strong private industry investment in local talent, and a strong quality of place.”
Here’s what Fourth Economy wrote about Cumberland County in a synopsis of its findings:
“Ranked sixth in the Fourth Economy Community Index for large Counties, Cumberland County is Maine’s most populous county. For years it has been credited for driving the economy of the entire state of Maine. Job growth in Cumberland County is projected to continue its current upward trend. Portland, Cumberland County’s principle city, is an enchanting mix of old and new. The city boasts a burgeoning arts and cultural scene along with a healthy mix of recreational activities, like dinner cruises, boat tours, light houses, strolls along the promenade and much more. Across the county, residents enjoy access to local farmers and fresh food, rapid employment growth, a strong base of individual and micro-entrepreneurs, and a very large percentage of educated and engaged citizens.”
Cumberland County ranks just behind No. 5 Washtenaw County, Michigan, and just ahead of No. 7 Lancaster County, Nebraska.
No. 1 overall on the Fourth Economy list is Chittenden County, Vermont, which is followed by Hampshire County, Massachusetts, so the economic competition in New England is pretty stiff.
“Accurately evaluating the factors communities possess for sustained economic growth and increased investment is based on more than just a few statistics. Through our work nationwide, we’ve learned to dig deeper to discover what really drives the economic success we see in these communities,” said Rich Overmoyer, CEO of Fourth Economy Consulting, in a statement. “The Fourth Economy Community Index highlights these factors that are essential to creating stronger, more economically resilient communities.”