Scarborough, MAINE, Nov. 06, 2026 (GLOBE NEWSWIRE) — After years of dramatic swings in the housing market, Americans are once again investing in their homes, fueling a surge in the home remodeling industry. By the end of 2026, the industry is expected to reach a record $518 billion, a 17-percent increase from 2020. Maine’s estimated contribution to the rising industry is between $700-800 million with kitchens, bathrooms, and additions being the industry drivers.
Kitchen Remodel
“We have tripled in the number of jobs and in the size of jobs,” said Mike Gallant, Vice President of Operations, Southern Maine Remodeling. “Our company has seen an increase in additions and basement remodeling jobs for those looking gain space, while others are investing in upgrades that improve livability,” Gallant added.
According to an analysis of federal housing and lending data by Construction Coverage, Maine ranks 11th in renovation spending. The report measures the number of home improvement loans by state to identify where homeowners are investing most heavily in renovations.
Mike O’Reilly, President, NBT Bank of Northern New England says, “home equity lines of credit provide the flexibility to fund renovations and upgrades. I recently used one for a renovation project at my own home for this exact reason, and it’s a decision we’re seeing many homeowners make as they invest in their current home rather than search for a new one.”
A report from the Federal Reserve Bank of New York says HELOC balances have increased for 17 consecutive quarters, reaching a record $459 billion. Home Equity Lines of Credit (HELOCs) allow homeowners to borrow against the difference between their home’s value and what they still owe on their mortgage.
“People aren’t renovating because they’re getting ready to sell, they’re making their homes work better for them to ride out the volatile market,” Gallant said. “The shift reflects a broader change in homeowner behavior,” Gallant said.
A recent .25 rate hike by the Federal Reserve pushed interest rates for a 30-year fixed mortgage over 7-percent, the highest rate since May 2025.
Sebago Lake, Maine
About Southern Maine Remodeling
Since 2010, Southern Maine Remodeling has helped homeowners throughout southern Maine transform the homes they already love. From whole-home renovations, additions, kitchens and bathrooms to smaller repairs and improvements, the company offers a full range of remodeling services. With an experienced in-house team, Southern Maine Remodeling delivers quality craftsmanship and personalized service from start to finish.
Press Inquiries
Diana Nelson
dnelson [at] mr.holdings
https://southernmaineremodeling.com/?utm_source=pressranger&utm_medium=referral&utm_campaign=southern_maine_remodeling
