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Business and Economy

Maine real estate market accounted for 20% of gross state product last year

Home Sales
Gene J. Puskar
/
AP file
A for sale sign is displayed outside a home in Mount Lebanon, Pa., on Tuesday, Sept. 21, 2021.

The real estate industry accounted for nearly $15 billion — close to 20% — of Maine's gross state product last year.

That's according to a new report from the National Association of Realtors, where Nadia Evangelou is a senior economist.

"And this is higher than the national level, which is 17%," she says. "So we see more activity in Maine."

Evangelou says each home sale in Maine last year generated about $134,000 in economic impact through moving costs, furniture, remodeling, and construction. She says home prices — and the associated economic impact — are expected to continue to increase, but at a slower pace than in recent years.