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While the real estate market experienced rapid gains in the previous four years, it begin to decelerate in 2006, especially during the first quarter. The deceleration of housing appreciation has been prevalent throughout Maine. It is especially evident in the major cities. By the second quarter of 2006, the prices saw a steady decline. The sale of single family homes was quite low during the second quarter, but like Connecticut, the volume was high in comparison to the historical average. As can be expected, the sale of real estate has also had an effect on the construction industry.

It should also be noted that despite the fact that the sale of real estate declined, employment in the construction sector remained relatively stable. Despite this, statistics show that employment in construction may decline if real estate sales do not improve. One industry that maintained its growth during 2006 was tourism, which has always been important for the state of Maine. A number of studies indicate that the tourism industry in Maine has grown by over 3% over the last five years. Over 60 percent of jobs created in the last five years can be attributed to the tourism industry. This includes businesses such as entertainment, restaurants, and bars.

Despite this, it should be noted that growth in the tourism industry is not as rapid as New Hampshire, a state which sits close to Maine. In comparison, the national average for tourism is almost 8 percent. The tax revenue of the state has also played an important role in the growth of the tourism industry. Retail spending play a significant role in the revenues generated in Maine during 2006. Restaurants came in at a close second, and recreation/lodging was a close third. The financial institutions in the state continued to repot high earnings and growth. It should also be noted that real estate loans have a low level of default in this state.

For example, financial institutions in Maine reported that median for defaulted loans was approximately 0.86 percent for residential real estate. This is much lower than the national average, which sits at about 1.2 percent. These statistics were taken from the second quarter of 2006. While the loans for residential real estate continued to increase, the growth of loans may decelerate during the short term. Overall, the housing market in Maine has slowed. Like many other states, statistics form 2006 shows that the manufacturing industry was negative. In the case of Maine, it was a -4.3 percent. The unemployment rate was 4.4%, and government jobs continued to remain positive.

The personal income for the state of Maine was 5.5%, and various types of real estate were negative. Permits for the construction of single family homes was -12.8 percent, and multifamily units sat at a -40 percent. Existing home sales were much more positive at 1.5%. The businesses which experienced the highest rates of growth during 2006 were those that are related to tourism or hospitality.