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W W W. M A I N E B I Z . B I Z 13 A P R I L 1 5 , 2 0 2 4 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 When you engage our creative engineering collective, you'll immediately value how our innovation, collaboration, and expertise create solutions for your success. BRING US YOUR VISION Oces throughout Southern, Western, and Midcoast, Maine Portland Harbor Common Lot S O U R C E : Maine Department of Economic and Community Development, June 2023 Construction Industry Profile S O U R C E : Maine Association of Realtors PERMITS FOR NEW PRIVATE HOUSING UNITS IN MAINE MAINE'S CONSTRUCTION SECTOR AT A GLANCE S O U R C E : U.S. Census Bureau THE ECONOMIC IMPACT OF A TYPICAL HOME SALE IN MAINE More than 49,000 jobs in 2022, and 5,310 added in the last five years. The addition makes up 41.8% of the state's net job growth during the period. Residential construction has the highest concentration among construction subsectors. Disruptions from COVID-19 sparked higher volatility in demand, costs for materials and labor and negatively impacted commercial construction. Public clients make up the majority of construction sales. The top-ranked subsector that the construction sector sells to is state government, followed by local government. Education, hospitals and the federal government are also key markets. The real estate industry accounted for $17.8 billion or 19.5% of the gross state product in 2023 The past four years have had a major impact on the construction and real estate industry. As so-called pandemic refugees sought out a safe haven in Maine, home prices shot up and the need for housing and home repairs surged. The number of construction workers rose as did the number of building permits issued. $44,250 $23,860 $5,460 $81,950 TOTAL EC ONOM I C I M PAC T $155,500 28.5% of total impact 3.5% of total impact 15.3% of total impact 52.7% of total impact Income generated from real estate industries Expenditures related to home purchase Multiplier of housing related expenditures New home construction 400 200 600 800 1,000 1,600 1,200 1,400 2019 2020 2021 2022 2023 2024