Cold-Water Marine Aquaculture in Maine: Current Impact and Ex-Ante Potential.

This paper estimates the current economic impact and future potential of cold-water marine finfish aquaculture in Maine. Salmon farming currently accounts for nearly 86% of the total value of state production. In 2001, 13,202 mt of Atlantic salmon, Salmo salar, were produced in Maine, generating US$63.7 million in revenue and an additional US$32.7 million in indirect and induced economic activity. In addition, alternative cold-water finfish species are under evaluation for commercial aquaculture including haddock Melanogrammus aeglefinus, Atlantic cod, Gadus morhua, and Atlantic halibut,Hippoglossus hippoglossus. Important constraints to culture of alternative species are identified through an ex-ante assessment of the early culture of haddock. Overall, capital formation is the most important constraint due to high risk and uncertainty on the rate of return to investment. [ABSTRACT FROM PUBLISHER]