European dollars boost Maine jobs, study finds

WASHINGTON – European investments in Maine afford the state more than 13,400 jobs, most of them concentrated in the paper products, transportation equipment and electronics equipment industries, according to a report by the European-American Business Council.

The analysis shows that while Maine had only a $292 million European market, one-third of all international dollars invested in the state come from across the Atlantic Ocean. Maine used Europe as an export market less than any other Atlantic seaboard state, including Rhode Island and Delaware, the data show.

The annual analysis is designed to show Washington policy-makers the importance of international relations with traditional trading partners in Europe.

According to the study, merchandise exports to Europe support an estimated 2,200 jobs directly in Maine, and European companies are the No. 2 international investors in Maine – behind Canadians.

Of the $4.3 billion invested in Maine from around the world, the study – compiled by the Massachusetts Institute for Social and Economic Research at the University of Massachusetts – said 36 percent ($1.5 billion) comes from Europe.

“Policy-makers must recognize that the economic ties between the U.S. and Europe represent the single most important commercial relationship in the world,” said council president Willard Berry. “Policy actions must take this into account.”

By product, Maine’s paper industry is a clear leader in European exports, representing $87 million in revenues for the state each year. The transportation equipment sector affords the state another $46 million in revenue. Other major industry sectors are: electronic and electric equipment, $35 million; industrial machinery, computer equipment, $33 million; leather products, $22 million.

Rounding out the top 10 export categories are: special provisions, $16 million; chemical products, $12 million; food products, $9 million; fishing, hunting and trapping, $6 million; and instruments, $5 million.