The MEREDA Index for 2014
Maine’s economy is on the up-tick, according to the newest data from The Maine Real Estate & Development Association (MEREDA). In its semi-annual report on the state of Maine’s real estate industry, the MEREDA Index ranked 77 – which, after seasonal adjustments, equates to a 1% increase from last June’s report. The improvement shows steady growth in new construction employment and residential real estate sales.
MEREDA has seen the following since June:
- An uptick in Maine’s real estate industry overall
- More residential construction
- More home sales
- An increase in the overall square footage for commercial sales
- More large commercial leases
- A decline in vacancies
As the current commercial and residential inventory is sold, MEREDA expects an increase in commercial construction and development projects throughout Maine.
On The MEREDA Index
“This is a step in the right direction for Maine. This is just the beginning. Residential construction will likely lead to even more home sales – which are already on the rise. We also see tightening of office and retail space in downtown markets. That spurs commercial construction projects. Additional new construction will be a big relief for the state’s economy.” –Drew Sigfridson, MEREDA’s president
About The MEREDA Index
Launched in January 2013 as an economic indicator for Maine, the MEREDA Index is a metric that measures the pulse of the state’s commercial real estate industry, including sale and lease activity, construction starts and other data – for the first time ever, aggregated into one figure as an indicator of this important sector of Maine’s economy. The MEREDA Index is published twice annually in partnership with renowned Maine economist Dr. Charles Colgan, associate director of the Maine Center for Business & Economic Research, and his team at USM’s Muskie Institute.
About the Maine Real Estate & Development Association (MEREDA)
MEREDA is a nonprofit whose members banded together in 1985 to present the views of the state’s real estate industry to lawmakers in Augusta. Today, MEREDA’s more than 270 member firms are primarily from the commercial real estate industry and employ thousands of Maine citizens and drive a huge percentage of Maine’s economic activity. The organization aims to promote fair, responsible development and ownership of real estate throughout Maine. For more about MEREDA, and the upcoming conference visit www.mereda.org.