Auburn, Maine, October 21, 2019 — In honor of Maine Forest Products Week, Farm Credit East recognizes the important contributions of the forest products sector to the state’s economy. According to Farm Credit East’s Northeast Economic Engine report, Maine’s forest products industry is responsible for $5.3 billion in direct sales annually, $8.8 billion in economic impact, and supports more than 40,000 jobs throughout the state.
“The forest products industry constitutes a critical business opportunity in the Northeast, especially here in Maine, and is a very important part of Farm Credit East’s portfolio,” said Fred Morton, Farm Credit East executive vice president.
In fact, forest products represent Farm Credit East’s second largest portfolio sector,
extending more than $700 million in loans to the forest products industry across the Northeast. Farm Credit East finances the diversity of forest products businesses, from those that own and manage the timberland, to the loggers who harvest and transport timber and biomass, as well as the manufacturing side of the industry, which includes pulp and paper, sawmills, biomass and small specialty mills.
To learn more about Farm Credit East’s service to the Northeast forest products industry, including a video interviewing Fred Morton on this diverse industry, visit FarmCreditEast.com.