Rosengren warns over uneven development in Greater Portland

Rosengren warns over uneven development in Greater Portland

Eric Rosengren, head of the Federal Reserve Bank of Boston has said that the uneven development recorded in Greater Portland will afeect the economic growth in Maine.

Rosengren said, "Finding strategies for some of the areas that aren't doing as well as the Greater Portland area is something that deserves more attention." The president and chief executive officer of the regional arm of the country's central bank warned that the growth in Maine's gross domestic product might be affected due to the uneven level of development.

He pointed out that the GDP of Maine has been growing strongly since the year 2011 and at a slower pace since the global economic crisis but Portland area still accounts for more than half of the state's production. The concerns were expressed after the bank aimed at boosting economies of former mill towns and smaller cities in Massachusetts.

The central bank is leading the Working Cities Challenge encouraging Massachusetts cities and towns to apply for portion of nearly $1.8 million that includes funds from Boston Fed and government and non-profit institutions. Rosengren also said that a similar approach might be adopted for Maine or across the region.