From the Editor: Maine continues to see the effect of the construction boom
In the past two years, Maine has seen the real estate and construction industries hit great heights.
Home prices hit all new territory, with the median home price soaring well into the mid-$300s. We’ve all seen the influx of people seeking a safe refuge from cities during the pandemic. But investors have also jumped in, looking to flip houses or adapt them for short-term rentals. It seems entirely possible that for many years homes were undervalued in Maine and just now catching up with the rest of the country. It’s certainly true that, as the median home price soared, the housing shortage was amped up.
On the commercial side, construction continued unabated during the pandemic. There’s still demand for industrial space, office space and multifamily housing.
More recently, the housing market seems to have cooled off a bit, but it remains to be seen how interest rates will affect both residential sales and commercial development.
Labor shortages have been a key factor even as the real estate market has surged. For our cover story, Senior Writer Renee Cordes looked at a growing segment of the construction labor force: women. While still a small percentage, women are taking on key roles. For more, see “Grit and gravel,” which starts on Page 16.
Amid the real estate boom, engineering firms have expanded greatly. We’ve seen firms grow their footprint with out–of-state acquisitions. We’ve seen them take on new, larger quarters. We’re seeing them make key hires to fill out the leadership ranks. Senior Writer Laurie Schreiber has more of the specifics in “Engineering firms rev up,” on Page 24.
Don’t miss the “Building business” column on Page 28 and the list, which is Maine’s largest engineering firms, on Page 34.
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