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American Morning

Where the Jobs Are: Lobster Business Not Hurt by the Economy

Aired September 02, 2003 - 07:45   ET

THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.

THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.


BILL HEMMER, CNN ANCHOR: This morning, we're starting a special series here on AMERICAN MORNING, "Where the Jobs Are." And today, tie on that bib and get out the hot butter. We are talking about lobsters.
Andy Serwer says the slump has not hit the booming lobster business. He joins us right now.

Good morning, Drew. Nice to see you.

ANDY SERWER, "FORTUNE" MAGAZINE: Good morning. Nice to see you, Bill.

We did this series. We went around America looking for businesses and companies that were booming despite the weak economy. The lobster business in Maine is booming. Let's take a look.

(BEGIN VIDEOTAPE)

UNIDENTIFIED MALE: Go ahead.

SERWER (voice-over): Maine's lobstermen don't exactly have it easy. Strict state laws limit the numbers of traps they can set. They're also required to throw back about three-quarters of all of the lobsters they catch. Lobsters too big or too small or valuable females get put back.

UNIDENTIFIED MALE: Has it got eggs on it?

UNIDENTIFIED MALE: No, (UNINTELLIGIBLE) with eggs.

UNIDENTIFIED MALE: That's a future egg there.

UNIDENTIFIED MALE: You throw them overboard with the utmost respect.

UNIDENTIFIED MALE: Yes.

SERWER: But all of the restrictions seem to be working. The lobster economy has never been better. The state has experienced a 10-year string of record catches, hauling in more than 62 million pounds of lobster last year alone. That translates into over $500 million last year for Maine's economy.

And that's good news for Chris Johnston, who sells lobsters for a living, with a restaurant and wholesale business. CHRIS JOHNSTON, FIVE ISLANDS LOBSTER COMPANY: So, we've got lobsters down here to sell. It will attract some tourist business. And, really, for all of the small businesses down here on the island, it's good for everybody.

SERWER: But are there warning signs that the boom is about to go bust? Ecologists point to over-fishing. Maine's lobstermen have tripled their catch from just 12 years ago.

And then, there is the looming threat of shell disease, like the one that swept through southern New England recently, crushing the region's lobster economy.

But lobstermen, like Jim Lang, say they'll be just fine, as long as fishing limits stay where they are.

JIM LANG, LOBSTERMAN: My biggest fear is being regulated by people that don't know enough about fishing. That's what scares me the most about this industry. The resource is there, we've had record years. I mean, there shouldn't be no concerns.

SERWER: Lobster boat captains have done pretty well for themselves as of late. Work that can have them out on the water at 4:00 in the morning can earn them well into six figures annually.

Ira Pinkham says there is no real reason for getting up so early. It's simply tradition.

IRA PINKHAM, LOBSTER BOAT CAPTAIN: I wouldn't do anything else. I don't know how to do anything else except fish for lobsters. I'll do it for the rest of my life. I know I will --- for the rest of my life.

SERWER: Keeping intact a job and a tradition that has gone on for generations.

(END VIDEOTAPE)

You know, Bill, and unlike other businesses, like technology or manufacturing that are at the whims of the economic cycle, lobstering is at the whims of Mother Nature. So, these people are sort of off the grid when it comes to the rest of the economy.

Lobstering has been booming, they say, the lobstermen I talked to, because they're putting bait in the traps, the traps go in, the little ones eat it, and they keep getting bigger and bigger. They're sort of farming them.

HEMMER: So, they're feeding them as they go.

SERWER: Yes.

HEMMER: Tomorrow, what's happening then?

SERWER: Tomorrow, we're going to be taking a look at the mortgage refinance business. Everyone I know has been refinancing and buying homes. That's a booming business. You can't get these people on the phone. I talked to a guy, and he said, "I can't hire people fast enough."

HEMMER: Wow!

SERWER: Still going on.

HEMMER: See you tomorrow. A good story today.

Quickly on the markets preview, what can we expect?

SERWER: Futures are ticking up a little bit this morning. Everyone is back from the vacation...

HEMMER: Yes, they are.

SERWER: ... maybe they're going to be buying stocks this morning.

HEMMER: The long lost August is behind us.

SERWER: You got it.

HEMMER: Thank you, Andy.

TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com.





Economy>


Aired September 2, 2003 - 07:45   ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
BILL HEMMER, CNN ANCHOR: This morning, we're starting a special series here on AMERICAN MORNING, "Where the Jobs Are." And today, tie on that bib and get out the hot butter. We are talking about lobsters.
Andy Serwer says the slump has not hit the booming lobster business. He joins us right now.

Good morning, Drew. Nice to see you.

ANDY SERWER, "FORTUNE" MAGAZINE: Good morning. Nice to see you, Bill.

We did this series. We went around America looking for businesses and companies that were booming despite the weak economy. The lobster business in Maine is booming. Let's take a look.

(BEGIN VIDEOTAPE)

UNIDENTIFIED MALE: Go ahead.

SERWER (voice-over): Maine's lobstermen don't exactly have it easy. Strict state laws limit the numbers of traps they can set. They're also required to throw back about three-quarters of all of the lobsters they catch. Lobsters too big or too small or valuable females get put back.

UNIDENTIFIED MALE: Has it got eggs on it?

UNIDENTIFIED MALE: No, (UNINTELLIGIBLE) with eggs.

UNIDENTIFIED MALE: That's a future egg there.

UNIDENTIFIED MALE: You throw them overboard with the utmost respect.

UNIDENTIFIED MALE: Yes.

SERWER: But all of the restrictions seem to be working. The lobster economy has never been better. The state has experienced a 10-year string of record catches, hauling in more than 62 million pounds of lobster last year alone. That translates into over $500 million last year for Maine's economy.

And that's good news for Chris Johnston, who sells lobsters for a living, with a restaurant and wholesale business. CHRIS JOHNSTON, FIVE ISLANDS LOBSTER COMPANY: So, we've got lobsters down here to sell. It will attract some tourist business. And, really, for all of the small businesses down here on the island, it's good for everybody.

SERWER: But are there warning signs that the boom is about to go bust? Ecologists point to over-fishing. Maine's lobstermen have tripled their catch from just 12 years ago.

And then, there is the looming threat of shell disease, like the one that swept through southern New England recently, crushing the region's lobster economy.

But lobstermen, like Jim Lang, say they'll be just fine, as long as fishing limits stay where they are.

JIM LANG, LOBSTERMAN: My biggest fear is being regulated by people that don't know enough about fishing. That's what scares me the most about this industry. The resource is there, we've had record years. I mean, there shouldn't be no concerns.

SERWER: Lobster boat captains have done pretty well for themselves as of late. Work that can have them out on the water at 4:00 in the morning can earn them well into six figures annually.

Ira Pinkham says there is no real reason for getting up so early. It's simply tradition.

IRA PINKHAM, LOBSTER BOAT CAPTAIN: I wouldn't do anything else. I don't know how to do anything else except fish for lobsters. I'll do it for the rest of my life. I know I will --- for the rest of my life.

SERWER: Keeping intact a job and a tradition that has gone on for generations.

(END VIDEOTAPE)

You know, Bill, and unlike other businesses, like technology or manufacturing that are at the whims of the economic cycle, lobstering is at the whims of Mother Nature. So, these people are sort of off the grid when it comes to the rest of the economy.

Lobstering has been booming, they say, the lobstermen I talked to, because they're putting bait in the traps, the traps go in, the little ones eat it, and they keep getting bigger and bigger. They're sort of farming them.

HEMMER: So, they're feeding them as they go.

SERWER: Yes.

HEMMER: Tomorrow, what's happening then?

SERWER: Tomorrow, we're going to be taking a look at the mortgage refinance business. Everyone I know has been refinancing and buying homes. That's a booming business. You can't get these people on the phone. I talked to a guy, and he said, "I can't hire people fast enough."

HEMMER: Wow!

SERWER: Still going on.

HEMMER: See you tomorrow. A good story today.

Quickly on the markets preview, what can we expect?

SERWER: Futures are ticking up a little bit this morning. Everyone is back from the vacation...

HEMMER: Yes, they are.

SERWER: ... maybe they're going to be buying stocks this morning.

HEMMER: The long lost August is behind us.

SERWER: You got it.

HEMMER: Thank you, Andy.

TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com.





Economy>