Penobscot County, Maine: commercial real estate data.
Penobscot County, Maine had an estimated 156,840 residents on July 1, 2024, up 3.0 percent since the 2020 census base of 152,199, across 3,397 square miles. County output reached $9.64 bn in 2024, 4,222 establishments operate here, and the SBA record carries 202 7(a) approvals worth $56.7 m since FY2020.
Underlined figures are computed by MMCG Analytics, not published by the agency.
Penobscot County
How many people live in Penobscot County
- Population, American Community Survey 2020-2024154,710
- Households65,221
- Average household size2.37
- Median household income$66,356
- Median age42.5
- Median gross rent$1,041 per month
- Median owner-occupied home value$214,100
- Home value to household income3.2 times
- Annual rent as a share of median income18.8 percent
- Adults 25 and over with a bachelor degree or higher30.1 percent
- Adults 25 and over with a graduate degree11.9 percent
- Adults 25 and over111,532
- Population under 1827,249
- Share under 1817.6 percent
- Population 65 and over31,088
- Share 65 and over20.1 percent
- Working age population, 18 to 6496,373
- Civilian labor force78,166
- Unemployment rate3.6 percent
- Labor force participation, adults 18 and over61.3 percent
- Rank by population among Maine counties3rd of 16
- Rank by population among US county-equivalents, Puerto Rico included449th of 3,222
Penobscot County is the 3rd largest of 16 Maine counties by population. A median home costs 3.2 times median household income, which is moderately unaffordable by national standards. Residents 65 and over outnumber those under 18, at 20.1 percent against 17.6 percent, which points demand at health care, services and single story product rather than schools.
US Census Bureau, American Community Survey 5-Year Estimates, 2020-2024 5-year.
Penobscot County
Is Penobscot County's population growing?
- Population, July 1, 2024156,840
- Census 2020 base population152,199
- Population change since the 2020 census base3.05 percent
- Population change, 2023 to 2024511
- Births, 20241,314
- Deaths, 20241,959
- Natural change, 2024-645
- Net domestic migration, 2024555
- Net international migration, 2024594
- Total net migration, 20241,149
- Cumulative net domestic migration, 2021 to 20245,824
- Rank by growth among US county-equivalents859th of 3,144
The county has grown 3.05 percent since the 2020 census base. Deaths exceeded births in 2024 and the population still grew, so all of the growth came from people moving in. A market held up by migration is more sensitive to a change in relative cost than one growing from household formation.
US Census Bureau, Population Estimates Program, Vintage 2024, Vintage 2024, estimates 2020 to 2024.
Penobscot County
Where are people moving to Penobscot County from?
- Tax returns filed by households arriving3,647
- People arriving, from those returns6,118
- Tax returns filed by households leaving3,283
- Net household movement364
- Adjusted gross income arriving$203.3 m
- Net adjusted gross income movement$1.2 m
- Average income of an arriving household$55,736
- Average income of a leaving household$61,550
- Largest single originHancock County (276 households)
- Largest single destinationHancock County (275 households)
| Origin | Households | People | Adjusted gross income |
|---|---|---|---|
| Hancock County | 276 | 452 | $13.8 m |
| Waldo County | 222 | 387 | $11.5 m |
| Cumberland County | 214 | 304 | $11.1 m |
| Aroostook County | 195 | 294 | $7.8 m |
| Somerset County | 191 | 357 | $8.1 m |
| Kennebec County | 154 | 243 | $8.2 m |
| Piscataquis County | 146 | 270 | $5.5 m |
| Washington County | 107 | 176 | $5.4 m |
Households arriving report $5,814 less average income than households leaving, which drains spending power even where headcount holds up. The largest single source of arrivals is Hancock County, which is the catchment a retail or multifamily study should look at first.
US Internal Revenue Service, Statistics of Income county migration flows, 2021 to 2022 filing years.
Penobscot County
What is the Penobscot County economy?
- County GDP, 2024$9.64 bn
- County GDP, 2023$9.12 bn
- GDP change, 2023 to 20245.7 percent
- GDP change over five years32.5 percent
- Rank by GDP among the Maine areas BEA publishes3rd of 16
- Rank by GDP among the US county areas BEA publishes455th of 3,127
- GDP per resident$62,333
Output grew 5.7 percent in the latest year and 32.5 percent over five, which is the trend line a lender will read behind any single year figure.
US Bureau of Economic Analysis, Regional, table CAGDP2, CAGDP2, through 2024.
Penobscot County
Employment by industry in Penobscot County
- Covered employment, annual average71,983
- Establishments reporting5,259
- Average annual pay$55,593
- Average weekly wage$1,069
- Health care and social assistance, employment15,681
- Health care and social assistance, average annual pay$65,036
- Retail trade, employment10,657
- Retail trade, average annual pay$38,540
- Accommodation and food services, employment6,263
- Accommodation and food services, average annual pay$27,776
- Construction, employment3,921
- Construction, average annual pay$70,658
- Manufacturing, employment2,830
- Administrative and support and waste management services, employment2,745
| Sector | Employment | Establishments | Average annual pay |
|---|---|---|---|
| Health care and social assistance | 15,681 | 578 | $65,036 |
| Retail trade | 10,657 | 638 | $38,540 |
| Accommodation and food services | 6,263 | 355 | $27,776 |
| Construction | 3,921 | 559 | $70,658 |
| Manufacturing | 2,830 | 171 | $60,968 |
| Administrative and support and waste management services | 2,745 | 276 | $39,076 |
| Transportation and warehousing | 2,682 | 162 | $54,324 |
| Wholesale trade | 2,284 | 229 | $71,187 |
Health care and social assistance is the largest private sector at 15,681 jobs, 21.8 percent of covered employment.
US Bureau of Labor Statistics, Quarterly Census of Employment and Wages, 2024 annual averages.
Penobscot County
How many businesses are in Penobscot County?
- Establishments, all industries4,222
- Employment at those establishments60,749
- Annual payroll$3.17 bn
- Establishments per 1,000 residents27.3
These are counts of establishments physically operating in the county, not listings, so they are the supply side a feasibility study measures demand against. County Business Patterns counts private establishments with paid employees in March 2023, while the Quarterly Census of Employment and Wages above counts every unemployment-insured employer, public ones included, as a 2024 annual average, so the two establishment and employment counts differ.
US Census Bureau, County Business Patterns, 2023.
Penobscot County
Building permits in Penobscot County
- Housing units authorized by permit, 2024450
- Declared construction value permitted$103.6 m
- Single family units authorized367
- Multifamily units authorized83
- Multifamily share of units18.4 percent
- Average declared value per unit$230,305
- Units authorized per 1,000 households6.9
Single-family homes are 81.6 percent of units authorized, so the pipeline is predominantly single-family.
US Census Bureau, Building Permits Survey, 2024 annual.
Penobscot County
SBA loans in Penobscot County (7(a) and 504)
- 7(a) approvals recorded202
- 7(a) gross approval dollars$56.7 m
- Average 7(a) approval$280,885
- Median 7(a) approval$100,000
- 10th percentile approval$25,000
- 90th percentile approval$645,000
- Largest single approval$4,500,000
- Jobs reported supported, 7(a)1,490
- Jobs per approval7.4
- Distinct 7(a) lenders active28
- Distinct industries receiving approvals97
- Median 7(a) term120 months
- Share of loans on real estate terms, 240 months or longer12.4 percent
- Loans on real estate terms25
- Loans on working capital terms, 120 months or shorter172
- Franchise loans6
- Franchise share of approvals3.0 percent
- Most active lenderBangor Savings Bank (45)
- 504 approvals recorded39
- 504 gross approval dollars$18.4 m
- Average 504 approval$471,872
- Median 504 approval$367,000
- Distinct CDCs active4
- 504 jobs per approval9.2
- 504 jobs per million dollars approved19.4
- Most active CDCGranite State Economic Development Corporation (22)
- Combined SBA approval dollars, 7(a) FY2020 to FY2026 and 504 FY2010 to FY2026$75.1 m
The average approval of $280,885 sits well above the median of $100,000, pulled up by a few larger deals, so the median is the better guide to what a typical borrower here gets. Only 12.4 percent of approvals run on real estate terms, so SBA credit here is mostly working capital and equipment rather than property acquisition.
US Small Business Administration, 7(a) FOIA release, FY2020 to FY2026 year to date, as of 2026-06-30. US Small Business Administration, 504 FOIA release, FY2010 to FY2026 year to date, as of 2026-06-30.
Penobscot County
SBA loan default and charge-off rates in Penobscot County
Do SBA loans in Penobscot County get paid back?
- Loans with a final outcome recorded51
- Paid in full48
- Charged off3
- Charge-off rate on resolved loans5.9 percent
- Status: Exempt from disclosure115
- Status: Charged off3
- Status: Paid in full48
- Status: Cancelled25
- Status: Committed, not yet disbursed11
Of the 51 loans that have reached a final outcome, 5.9 percent were charged off. This is computed only over resolved loans, because a loan still running has not yet succeeded or failed and counting it either way would be wrong.
Compare against the national and state SBA charge-off rates, computed the same way over resolved loans only.
US Small Business Administration, 7(a) FOIA release, FY2020 to FY2026 year to date, as of 2026-06-30.
Penobscot County
SBA lending by place in Penobscot County
- Borrower cities with recorded lending39
- Bangor, approvals68
- Brewer, approvals13
- Hermon, approvals11
- Old Town, approvals10
- Levant, approvals9
- Lincoln, approvals8
| Borrower city | Approvals | Gross approval dollars |
|---|---|---|
| Bangor | 68 | $25,493,500 |
| Brewer | 13 | $4,799,000 |
| Hermon | 11 | $2,239,500 |
| Old Town | 10 | $2,294,900 |
| Levant | 9 | $1,379,600 |
| Lincoln | 8 | $3,037,000 |
| Newport | 7 | $316,400 |
| Millinocket | 6 | $3,704,000 |
| 31 other borrower cities | 70 | $13,474,800 |
Bangor accounts for 68 approvals against 13 in Brewer. County level figures average over that gap, which is why a site decision is made at the submarket rather than the county.
US Small Business Administration, 7(a) FOIA release, FY2020 to FY2026 year to date, as of 2026-06-30.
Penobscot County
How large is Penobscot County?
- Land area3,397 sq mi
- Rank by land area among Maine counties4th of 16
- Width, east to west69 mi
- Height, north to south121 mi
- Geographies sharing a boundary6
- Residents per square mile of land46
- Establishments per square mile1.24
US Census Bureau county boundary geometry, TIGER, adjacency computed from shared boundary vertices, TIGER county boundaries. US Census Bureau, American Community Survey 5-Year Estimates, 2020-2024 5-year. US Census Bureau, County Business Patterns, 2023.
Penobscot County
Flood risk in Penobscot County
- Communities in the county in the NFIP Community Status Book99
- Of those, participating in the NFIP95
- NFIP participation rate96.0 percent
- Best Community Rating System class in the county A lower CRS class is a larger flood insurance premium discount.Class 10
- Communities carrying a CRS class1
- Radon levels in Penobscot County, EPA zone predicted average indoor radon screening level greater than 4 pCi/LZone 1
The EPA places Penobscot County in radon zone 1, a predicted average indoor radon screening level greater than 4 pCi/L. The zone is a screening prediction for the county and does not substitute for a test at an address. The best Community Rating System class among the county's communities is 10, which carries a flood insurance premium discount for policies written in that community. 96.0 percent of the county's listed communities participate in the National Flood Insurance Program, per Federal Emergency Management Agency, NFIP Community Status Book (OpenFEMA), as of 2026-09-26.
Federal Emergency Management Agency, NFIP Community Status Book (OpenFEMA), as of 2026-09-26. US EPA, Map of Radon Zones, county spreadsheet, 2024-05 publication, EPA 402/A-16/001.
Coverage
What this page does not hold.
Traffic counts, zoning and the flood zone at an address are not on this page; they resolve at the address in the platform. How this page was built →
Feasibility studies
When a Penobscot County site needs a document a lender will accept.
The same data layer behind this page is the one the studies are written from. A study for a Penobscot County site starts with the figures you are reading, carrying the same source and period into the credit file.
- Population, American Community Survey 2020-2024154,710
- Households65,221
- Average household size2.37
- Median household income$66,356
- Median age42.5
Common questions
Penobscot County questions, answered from the record.
How many people live in Penobscot County, Maine?
The Census Bureau estimates 156,840 residents on July 1, 2024 (US Census Bureau, Population Estimates Program, Vintage 2024). The American Community Survey 2020-2024 five-year estimate is 154,710, in 65,221 households, ranking 3rd of 16 Maine counties. Source: US Census Bureau, American Community Survey 5-Year Estimates, 2020-2024 5-year.
Is Penobscot County's population growing?
The population has grown 3.05 percent since the 2020 census base of 152,199, to 156,840 on July 1, 2024. In 2024 there were 1,314 births against 1,959 deaths, with net migration of 1,149. Source: US Census Bureau, Population Estimates Program, Vintage 2024, Vintage 2024, estimates 2020 to 2024.
What is the median household income in Penobscot County?
$66,356. The median owner-occupied home is valued at $214,100, which is 3.2 times income, and median gross rent is $1,041 per month. Source: US Census Bureau, American Community Survey 5-Year Estimates, 2020-2024 5-year.
How many businesses are in Penobscot County?
4,222 establishments, employing 60,749 people with an annual payroll of $3.17 bn. These are establishments physically operating in the county, not listings. Source: US Census Bureau, County Business Patterns, 2023.
What is employment by industry in Penobscot County?
Health care and social assistance is the largest private sector at 15,681 jobs, 21.8 percent of covered employment. Covered employment averages 71,983 jobs at an average annual pay of $55,593, or $1,069 a week. Source: US Bureau of Labor Statistics, Quarterly Census of Employment and Wages, 2024 annual averages.
How much SBA lending happens in Penobscot County?
202 7(a) approvals totaling $56.7 m since FY2020, across 28 lenders, with a median approval of $100,000, plus 39 504 approvals worth $18.4 m since FY2010. These are approvals recorded in the release, not loans disbursed.
Do SBA loans in Penobscot County get paid back?
Of the 51 loans that have reached a final outcome, 48 were paid in full and 3 charged off, a charge-off rate of 5.9 percent. Loans still running are excluded, because they have not yet succeeded or failed.
How many building permits were issued in Penobscot County?
450 housing units were authorized by permit in 2024, with a declared construction value of $103.6 m. Multifamily was 18.4 percent of units. Source: US Census Bureau, Building Permits Survey, 2024 annual.
What is the radon zone for Penobscot County?
Zone 1, a predicted average indoor radon screening level greater than 4 pCi/L. Source: US EPA, Map of Radon Zones, county spreadsheet, 2024-05 publication, EPA 402/A-16/001.
Where do people moving to Penobscot County come from?
The largest single origin is Hancock County, with 276 households. Arriving households report an average income of $55,736 against $61,550 for those leaving. Source: US Internal Revenue Service, Statistics of Income county migration flows, 2021 to 2022 filing years.
Are traffic counts available for Penobscot County on this page?
No. Annual average daily traffic resolves in the platform rather than in this dataset, so no AADT figure is printed here. It is a gap we know about rather than a figure we estimated.
Is zoning published for Penobscot County?
No. Nothing on this page presents parcel level zoning, and where a statutory framework applies it is marked as the statewide frame, to be confirmed locally.
Penobscot County
Cities and places in Penobscot.
17 Census places lie wholly or partly in Penobscot County. All 17 carry enough published place level data for a page of their own and are linked.
| Place | Type | Population | SBA 7(a) approvals, projects in this county | Lies in |
|---|---|---|---|---|
| Bangor | city | 31,938 | 68 | Wholly in this county |
| Orono | CDP | 11,151 | 4 | Wholly in this county |
| Brewer | city | 9,652 | 13 | Wholly in this county |
| Old Town | city | 7,470 | 10 | Wholly in this county |
| Hampden | CDP | 5,161 | 5 | Wholly in this county |
| Millinocket | CDP | 3,779 | 6 | Wholly in this county |
| Lincoln | CDP | 2,954 | 8 | Wholly in this county |
| Milford | CDP | 2,269 | None recorded | Wholly in this county |
| Dexter | CDP | 1,852 | 3 | Wholly in this county |
| Veazie | CDP | 1,847 | 1 | Wholly in this county |
| Newport | CDP | 1,730 | 7 | Wholly in this county |
| East Millinocket | CDP | 1,495 | None recorded | Wholly in this county |
| Howland | CDP | 1,235 | 2 | Wholly in this county |
| Bradley | CDP | 845 | 3 | Wholly in this county |
| Corinna | CDP | 711 | 2 | Wholly in this county |
| Patten | CDP | 607 | 2 | Wholly in this county |
| Mattawamkeag | CDP | 436 | None recorded | Wholly in this county |
A further 68 of the county's 202 SBA 7(a) approvals are to borrowers in cities that match no Census place in Penobscot County, the largest being Hermon (11), Levant (9), Holden (5). Those are postal cities, unincorporated areas and cities outside the county, so no place row claims them; they are counted in the county total above.
Nearby