Issue link: https://nebusinessmedia.uberflip.com/i/1504054
W W W. M A I N E B I Z . B I Z 15 J U LY 2 4 , 2 0 2 3 F O C U S R E A L E S TAT E / C O N S T R U C T I O N / E N G I N E E R I N G Whether you're starting your first job or retiring from your last, we understand that every financial situation is different ... just like the people we serve. WE'RE A COMMUNITY BANK FOR EVERYONE. Learn more at www.KennebecSavings.Bank We hear all the time that Maine needs more multifamily housing. Looking at the building permits issued, the number of units approved actually hit a 20-year peak, according to U.S. Census Bureau data. Based on the number of permits issued through May of this year, there will likely be a dropoff, but 2023 will still match up well with many years in the past two decades. So far, Maine has had 31 structures with five units or more, totaling 481 units. Projecting out through the year, Maine would have approved 72 structures of five units or more — a total of 1,154 multifamily units. 2004 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 2023 2000 1750 1500 1250 1000 750 500 250 0 80 70 60 50 40 30 20 10 0 Total units from structures of 5 units or more Number of structures with 5 units or more 1 S O U R C E : U.S. Census Bureau HOW MAINE'S MULTIFAMILY MARKET HAS SHAPED UP IN RECENT YEARS 1 2023 numbers are projected, based on data through May