The development of prefabricated construction industry needs the support of the government
According to the market research report on prefabricated housing, prefabricated buildings are re-emerging as a one-stop solution for affordable, eco-friendly housing following years of sluggish growth. Prefab home manufacturers and builders are keenly eyeing the baby boomer population, who are expected to drive the demand for pre-owned and new houses in the near future.
Manufactured housing represents the largest product segment accounting for more than half of market volumes.
Modular homes are expected to outstrip other segments with a projected annual growth rate of 2.6 percent. Within the manufactured homes sector, single-section manufactured housing overtook multi-section manufactured housing as the largest sub-segment.
Manufactured Housing is highly popular among the lower-income home purchasers, employed youth, newly-weds, and senior citizens. However, the lack of adequate financial support and incentives from the government continues to stall the recovery of the manufactured housing industry.
Despite the close resemblance of the modern prefabricated houses to site-built homes, growth of the market in the U.S. has been largely tempered by consumers associating manufactured and mobile homes with the ‘trailer park homes’ of yesteryears that were largely owned by weaker sections of the society and transient residents.
Growing environmental awareness and regulatory pressures are also driving the demand for eco-friendly and energy-efficient modular homes. Modular homes are gaining popularity among new home buyers, as these factory-built houses provide owners with similar monetary, legal, and taxation benefits, such as stick-built homes.
Although the popularity of traditional kit homes waned steeply in recent years, other forms of Precut Housing, including packaged log homes, geodesic dome homes and timber frame homes, continue to enjoy a robust following among American consumers. Log home manufacturers are gearing up to meet a revival in demand for retirement homes in the domestic market.