In developed markets such as North America, suit-built houses are priced at high rates, creating the necessity of housing unaffordable for working class demographics. Inflation rates on housing projects continue to surge across the globe, and the US progresses to emerge from the volatility that hit its housing markets during the 2008 recession. Steady increase in costs of raw materials and workmanship associated with construction of site-built homes has spurred the need for manufactured houses. Considering the necessity of shelter in fast-evolving economies such as the US, manufactured housing is witnessing widespread adoption across the North American region. With the demand for affordable housing and quality construction increasing continuously across Canada and the US, the North American region remains lucrative for the manufactured housing market.
Persistence Market Research is considering a slew of factors driving the adoption of manufactured houses in North America, and developing an exclusive report to deliver accurate forecasts on the near future of the market. The ongoing research study is being developed to deliver key insights on how North America’s manufactured housing market will expand for the forecast period, 2017-2022. During this period, the manufactured housing market in North America is assessed to witness considerable traction owing to increasing disposable incomes of the region’s middle class, and growing influence of government policies that promote affordable housing for all.
Factors Endorsing Manufactured Housing over Site-Built Homes
The construction of manufactured houses is primarily monitored by the US Department of Housing & Urban Development. Prefabricated houses in North America are built in factories, and then moved to assembly units for further fabrication. Trough trucks and trailers used for transportation on housing sites are used to convey these large manufactured houses. Customarily, manufactured housing remains far more affordable than site-built homes, and has a 10% to 20% cost drop comparatively.
In the view of stabilizing housing industry in region, North America’s manufactured housing market is anticipated to witness steady gains in terms of revenues over the forecast period. The study has analysed a range of factors that will govern the growth of North American manufactured housing market through 2025. These include: Easy regulations on material usage, design and construction strength & durability imposed on manufactured housing companies by the US Department of HUD; Apart from low costs, advantages of opting for manufactured house over site-built home include timely construction, low risk of damaging building products, and optional dependency on skilled labourforce; Low cost ownership, flexibility in architectural styles, and consistency in high quality manufacturing are also driving the adoption of manufactured housing
The study is also addressing key growth inhibitors for North America’s manufactured housing market, which include shortcoming with respect to customer confidence, growing availability of attractive loans on site-built homes, and growing distrust over manufacturing quality & durability. The study has also analysed the manufactured housing market in North America on the basis of product type, and construction type. Panelized homes, modular homes and manufactured homes are key product types in the market. The market is bifurcated on the basis of single-section construction and multi-section construction. The study has also profiled leading players in the North America manufactured housing market. Companies namely, Nobility Homes, Inc., Chief Custom Homes, Modular Homeowners, Fleetwood Homes, Champion Home Builders Inc., Cavco Industries, Inc., Palm Harbor Homes, Excel Homes, Jacobsen Homes, DUTCH HOUSING, INC., and Woodlund Homes are expected to remain active in expansion of North America manufactured housing market through 2025.
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