March 10, 2015 at 12:00 am
As a key economic indicator for Maine, the MEREDA Index measures the pulse of the state’s real estate industry. The MEREDA Index is the leading way our industry tracks changes in Maine’s real estate markets. It’s a composite of nine measures reflecting activity in both new development and existing properties, in commercial and residential markets, as well as construction employment.
According to the newest data, the MEREDA Index ranked 80 for Fall 2014 – which has risen by 6.6% over the third quarter last year. This is a significant acceleration in the Index from spring of 2014, led by the commercial real estate sector, whose Index rose 10% compared with a year ago. This is the first time the commercial sector has led the Index.
The residential sector index grew by 3.5%; more to the point, it is at its highest level since 2007. Construction employment remained essentially flat. Overall, the MEREDA index has recovered 16% since its recession low in the 3rd quarter of 2010 —but remains 20% below pre-recession levels of early 2006.
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.
Categories: Maine Real Estate Insider