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W W W. M A I N E B I Z . B I Z 11 F E B R UA R Y 5 , 2 0 2 4 F O C U S C O M M E R C I A L D E V E LO P M E N T 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 7.5K 7.0K 6.5K 6.0K 5.5K 5.0K 4.5K 4.0K 3.5K 3.0K 2.5K 2.0K 1.5K 1.0K 0.5K 0 3,249 3,699 4,010 4,358 4,697 4,760 5,304 6,530 7,105 5,824 1 unit 2 units 3–4 units 5+ units S O U R C E : U.S. Census Bureau BUILDING PERMITS FOR NEW, PRIVATELY OWNED HOUSING UNITS IN MAINE Maine has had an ongoing housing shortage, made more acute by the influx of new residents during the pandemic and consequent increases in home prices. There are not enough exisiting homes to meet demand. MaineHousing estimates that the state needs at least 38,500 new homes. As we can see by the chart, permits issued for new housing hit a decade high in 2022. The good news in the past five years is that a greater proportion of new homes are in the multifamily category, which contributes to the stock of rental housing. It's too early to tell what impact higher interest rates will have on new housing development in 2024. Forward Thinking • Innovative • Consistency You Can Count On D'arcy Main-Boyington Economic Development Director ecdev@brewermaine.gov 207-989-7500 W W W. B R E W E R M A I N E . G O V/ B I Z " The City of Brewer has welcomed my small family business with open arms by providing us with resources to facilitate growth within the community." Daniel Finnemore President, Box of Maine Business Property and Liability Insurance Products Cyber and Data Breach Liability Insurance Employment Practices Liability Insurance, EPLI & Equipment and Mechanical Breakdown INSURING MAINE BUSINESS — INSURING MAINE PEOPLE We've been in business more than 140 years, and continue to innovate by providing you a portfolio that offers the kind of protection your business needs — today. Visit Patrons.com to find an independent agent near you. INNOVATIVE SOLUTIONS FOR TODAY'S BUSINESS CHALLENGES.