Forecast for Maine

According to the New England Economic Partnership, Maine is expected to see a 2.9 percent decline in employment from a peak in the fourth quarter of 2007 to the third quarter of 2010, with heavy job losses resulting from the closure of Naval Air Station Brunswick. However, only mild job losses are projected for Maine’s manufacturing industry, and the overall job loss is expected to be far less than the 1990-1991 recession. Existing home sales were down nearly 18 percent through the first three quarters of 2008, though the median home price had dropped by only 4 percent.