New England Regional Forecast
Connecticut • Maine • Massachusetts • New Hampshire Rhode Island • Vermont
This market has weathered the economic storm better than many other major U.S. metropolitan areas. But while Boston’s 2010 downtown (11.5%) and suburban vacancy (15.9%) rates are some of the lowest in the nation, they don’t cover up the millions of square feet of office space that sit vacant in the Boston metropolitan area, as well as Connecticut’s suburbs. Relatively few large construction projects broke ground in this region during 2010 outside of a $75 million airport addition in Portland, Maine, and a $247 million wind farm in Coos County, N.H., that will produce 99mW. Outside of Rhode Island, employment in the region is comfortably under the national average, and building permits through August are up 32% over August 2009 YTD. Now if the Red Sox can reload for next season and make it back to the playoffs, all will be right with the world in New England.