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August 19, 2024 Edition
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Focus on Greater Bangor & Northern Maine

Building homes in Bangor: Developers, local officials tackle Queen City’s housing gap

Renee Cordes

With scarce inventory, Bangor is seeing a sharp increase in home prices. Builders, employers and the city itself are racing to keep up with the housing demand.

Today's Poll

Have your consumer spending habits changed?
Poll Description

U.S. retail sales continued to grow in May but not at the pace of previous months, the National Retail Federation reported last week.

Total retail sales, excluding automobiles and gasoline, were up 0.49% seasonally adjusted month over month and up 4.44% unadjusted year over year in May, according to the CNBC/NRF Retail Monitor, powered by Affinity Solutions, released by the National Retail Federation. That compared with increases of 0.72% month over month and 6.76% year over year in April.

Sales of digital products were up last month (by 1.81%), but sales of general merchandise and clothing and accessories were flat.

Declines were reported for electronics and appliances (by 1.98%), furniture and home furnishings (0.24%) and building and garden supply stores (2.3%).

“While momentum remains, the nature of consumer spending is shifting as economic uncertainty increases. Consumer fundamentals haven’t been damaged yet, and a slowing-but-still-growing job market is supporting household priorities ahead of any meaningful price increases in the coming months," said Matthew Shay, president and CEO of the National Retail Federation.

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