The modular construction market will grow to more than $21 billion worldwide this year. As a matter of fact, experts credit recovery from the COVID-19 pandemic for much of the growth. As cases decline and restrictions ease, many manufacturers are resuming normal operations. Furthermore, Businesswire says the growth will continue through the next decade.
What is Modular Construction?
People often think of mobile homes when reading the word “modular.” However, this isn’t the case. Modular construction process, not a home. During this process, workers build and inspect units at a manufacturing facility. Then, foundation and infrastructure work are built on-site. This construction process increases housing production by speeding up building time and reducing construction costs. Building modular offers more than faster build times and lower construction costs. Modular construction also provides the following benefits:
1.) It reduces the amount of materials that go to waste.
2.) It helps ensure quality control on the assembly line.
3.) It reduces the strain new construction brings to neighborhoods.
4.) It ensures safety during the construction process.
Furthermore, Businesswire obtained 2018 reports that showed cost-savings of 20% as well as a 40 to 50% saving of time. For these reasons, experts expect the modular housing market to continue growing through 2030.
A Solution to Housing Affordability Crisis?
As agents of change, Navigate Affordable Housing Partners is working to revitalize communities, empower people, and strengthen the housing industry. We believe modular construction is building smarter. We are working in Birmingham’s North Titusville Neighborhood to revitalize the community and to create new homeowners. In fact, we believe building modular is the key to America’s affordable housing crisis.
Our ambitious goal begins with the construction of three state-of-the-art and quality homes in Titusville. These homes will offer energy-efficient appliances and lighting, saving homeowners $900 on average. Similarly, the homes will feature smart security systems and offer quick commutes to downtown Birmingham. Click here to learn more about our vision for the future of the Titusville community and the live on 1st project.