An index of real estate activity in Maine has hit a new high.
"It's pretty exciting," says Paul Peck, president of the Maine Real Estate and Development Association. "The real estate market is strong. All segments are strong. It's great for employment. It's great for the state. It's great for tax revenue."
Peck says the state's major urban areas and their immediate suburbs are seeing the strongest growth. He says developers are building a mix of residential, retail and commercial projects, reflecting modern desires to live in more walkable communities.
Looking ahead, Peck says he expects another strong year of real estate development. He doesn’t think interest rates will rise too much. And he says he's not worried about banks having enough money to lend for quality projects.
Peck says what could slow development are "things that can happen that we don't see," such as "national events that can happen that could hurt us.”
The Maine Real Estate and Development Association is holding its spring conference in South Portland Thursday.
