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Fact Book: Doing Business in Maine 2024

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V O L . X X X N O. X I X 78 Fact Book / Doing Business in Maine WO R K F O R C E Filling the need for multifamily housing B y P e t e r V a n A l l e n We hear all the time that Maine needs more multifamily housing. A look at the building permits issued in 2022 shows the number of units approved actually hit a 20-year peak, according to U.S. Census Bureau data. While the number of housing starts for 2023 matched up well with many years in the past two decades, the number of multifamily units on the books dropped from 2023, with 72 structures of five units or more — a total of 1,154 multifamily units. 8000 7000 6000 5000 4000 3000 2000 1000 0 $2B $1.75B $1.5B $1.25B $1B $750M $500M $250M 0 S O U R C E : U.S. Census Bureau BUILDING PERMITS FOR NEW, PRIVATELY OWNED HOUSING UNITS IN MAINE MEMBER FDIC EQUAL HOUSING LENDER Katahdin Trust is proud to be your banking partner from 16 locations throughout Maine: NORTHERN MAINE Ashland – Caribou – Eagle Lake Fort Fairfield – Fort Kent – Houlton Island Falls – Mars Hill – Oakfield Patten – Presque Isle – Van Buren GREATER BANGOR Broadway Shopping Center, Bangor Springer Drive, Bangor Western Avenue, Hampden GREATER PORTLAND US Route One, Scarborough KatahdinTrust.com 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 3,249 3,699 4,010 4,358 4,697 4,760 5,304 6,530 7,094 6,183 1 unit 2 units 3–4 units 5+ units total value

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