Mainebiz

V O L . X X V I I N O. X X I I O C T O B E R 4 , 2 0 2 1 6 Home sales show signs of hitting plateau e number of home sales in Maine again dipped slightly in August, but prices continued to surge amid tight supply and sustained demand among buyers. Sales of single-family, existing homes eased by 4.76% during August while prices rose 14.8%, the Maine Association of Realtors said. Realtors reported that 2,063 homes changed hands in August, compared to 2,166 in the same month last year. e August sales volume was also 3.5% below pre-pandemic August 2019. Maine's median home price was $310,000, down from $315,000 in July. Without relief funds, personal income declines Mainers' personal incomes fell by 27.7% between April 1 and June 30, the U.S. Bureau of Economic Analysis said. But Maine wasn't alone — every state and the District of Columbia recorded decreases. e decreases ranged from 10.1% in D.C. to 34% percent in West Virginia. Nationwide, the decrease was 21.8%. e major reason for the sharp drop, according to federal economists, was the reduction in federal "trans- fer payments," including stimulus payments and pandemic relief funds. Maine's Q2 personal income totaled $75.3 billion, which reflected a decrease in transfer receipts of $7.1 billion. State sees revenue surplus Maine reported a $42.4 million surplus in revenue, citing federal stimulus funds, savings efforts and prudent spending. e general fund's revenues for the first two months of the fiscal year, which started July 1, are up $186.5 million, or 31.7%, and over budget by $77.9 million compared with projec- tions of the nonpartisan revenue forecasting committee. In addition to this fiscal year's start, the state ended the previous fiscal year with a surplus, as well. About $223 million of the fis- cal year's surplus was deposited in the state's budget stabilization fund, also known as the "rainy day" fund. When combined with previous investments into the fund, it had a historic high of $491.9 million.e current bien- nial budget is balanced, does not raise taxes and is estimated to be about $456 million lower than projected general fund revenue for fiscal years 2024-25, the state said. B U S I N E S S M A I N E Business news from around the state S T A T E W I D E B R I E F Mercy Hospital nears finish on $75M expansion, consolidation in Portland B y W i l l i a m H a l l P o r t l a n d — Years in the making, the final consolidation of Northern Light Mercy Hospital's two Portland campuses, with a total capacity of 230 beds, is about to come to fruition. Among the results of the $75 million project — a new, 35,000-square-foot outpatient specialty and surgery cen- ter, that was set to open its doors Oct. 4 at 155 Fore River Parkway, next to two existing Mercy buildings. Outpatient surgery suites will move to the new building by Nov. 1, according to a schedule released Friday by Northern Light Health. Mercy is also now moving medical facilities from its 78-year-old hospital at 144 State St. to an expanded clinical office building at 195 Fore River Parkway. Move-in is expected to continue into November. In December, the consolidation wraps up when the Mercy emergency care department moves from the State Street building to the existing hospital at 175 Fore River Parkway. The new emergency facility will have dedicated parking and sheltered drop-off areas, improving safety and convenience, according to Northern Light Health. Mercy Hospital, founded by the Catholic church in 1918 on Congress Street, has occupied the seven-story facility on State Street since 1943. In 2008, the hospital added the acute-care site at 175 Fore River Parkway and in 2017 made plans to consolidate all services onto that campus. The build-out has been partially funded by a $20 million capital campaign and undisclosed proceeds from the sale of the State Street building to NewHeight Redfern, a joint venture between local development firms NewHeight Group and Redfern Properties. On Aug. 24, the developers received final approval from the Portland Planning Board to renovate and convert the building into 165 apartments. NewHeight Redfern expects to begin that work in the first quarter of 2022. On its website, Northern Light Health explained the pur- pose of the consolidation. "This consolidation enhances patient access to more of our medical services in one convenient campus setting. It also allows us to build on our community-focused mission through cutting-edge technology, a nurturing and caring envi- ronment, high quality care, and personalized services for a range of medical needs." Northern Light Health, the state's second-largest health care system, acquired Mercy Hospital in 2013. R E N D E R I N G / C O U R T E S Y N O R T H E R N L I G H T H E A LT H A new outpatient specialty and surgery center was added at Northern Light Mercy Hospital's Portland campus. As part of the $75 million project there's a 35,000-square- foot outpatient specialty and surgery center, which was set to open in early October.

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