Issue link: https://nebusinessmedia.uberflip.com/i/1537848
W W W. M A I N E B I Z . B I Z 11 J U LY 2 8 , 2 0 2 5 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 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 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 5,991 3,298 1 unit 2 units 3–4 units 5+ units N O T E : 2025 numbers are year-to-date through May S O U R C E : U.S. Census Bureau BUILDING PERMITS FOR NEW, PRIVATELY OWNED HOUSING UNITS IN MAINE Maine still needs an estimated 80,000 housing units, according to MaineHousing, and every bit makes a difference. Looking through the U.S. Census data on building permits issued in Maine, there are a couple interesting trends. At least through May, the number of building permits issued for single family homes is continuing the brisk pace set during the pandemic. At the current rate, Maine would have 4,384 single-family units in development — on par with the 2023 number. But the real growth has been in development of projects with five or more units. Through May, permits have been issued for 1,342 units — which even through five months is more than any recent year but 2022, when 1,866 units were approved over 12 months. The best choice for your business banking just got easier. Daryl Wentworth SVP, Director Middle Market Banking dwentworth@barharbor.bank 207-771-1216 Larry Wold SVP C&I Relationship Manager lwold@barharbor.bank 207-771-1222 We can make it happen. Together. Joe Delano SVP CRE/ Hospitality Team Leader jdelano@barharbor.bank 207-771-1217 Our Portland-based commercial team can help your business grow. • Loans up to $50 million with flexible terms • Competitive rates tailored to your business needs • Small business and corporate cash management • High-volume transaction tools with leading technology • Personalized service of local banking experts Christopher Rugullies SVP Commercial Relationship Manager crugullies@barharbor.bank 207-601-5718 Suzanne Moffatt, AFIM, CRSP SVP Senior Wealth Manager smoffatt@barharbor.bank 207-947-4880 Alicia Napolitano, AAP, NCP, CTP VP Senior Treasury Sales Officer anapolitano@barharbor.bank 207-756-2352 All loans subject to credit approval. Additional terms, fees, and conditions may apply for some products. Bar Harbor Wealth Management is a subsidiary of Bar Harbor Bank & Trust. Investment products are not deposits or obligations of the Bank, are not FDIC insured, are not guaranteed by the Bank and are subject to investment risk, including possible loss of value or principal amount invested. Member FDIC www.barharbor.bank • 888-853-7100 Over 50 locations across northern New England Proud to be named one of Forbes' World's Best Banks again