Demand for prefabricated construction

1. Demand for prefabricated construction is growing amid rising material costs and project delays Over the last 12 months, the surging prices of construction materials coupled with supply chain delays and labor shortage concerns have plagued the construction market globally, and the trends are no different in the United States. Notably, these factors have resulted in the growing demand for prefabricated apartments, which are increasingly seen as a better alternative to traditional multifamily apartments.

2. Demand for prefabricated construction

3. Demand for prefabricated construction The rising interest rates are also helping prefabricated construction activities to become more mainstream in the United States market. While industrialized construction only represents a fraction of the overall prefabricated housing market, there is consistent growth in the segment. For instance,

4. According to the United States Census Bureau • According to the United States Census Bureau, more than 50,000 prefabricated homes were shipped as of May 2022. This represents an increase of 31% compared to the same period in 2020. However, as the demand in the prefabricated housing market is growing in the United States, the prices of manufactured homes have also surged. Notably, the Census Bureau reported that the average sales price of prefabricated homes has increased to US$124,900 in May 2022, up from US$85,900 in May 2020.

5. Prefabricated housing growing in the United States With the speed at which prefabricated apartments are completed, manufactured homes offer a viable solution to overcome the housing supply deficit in the United States. Consequently, local authorities in the country are looking at more prefabricated projects as a potential way to mitigate housing shortages. Furthermore, because such apartments are less expensive compared to traditional multifamily apartments, prefabricated housing again becomes a more viable solution. This is because financing traditional housing development has become difficult in the United States.

6. Prefabricated housing growing in the United States With the demand for prefabricated housing growing in the United States, innovative startups are also emerging in the market and are launching innovative projects to meet the housing demand. For instance, Vessel Technologies Inc., a prefabricated housing startup, launched a beta site in Trenton, New Jersey in July 2022, and started a new project in New London, Connecticut. Notably, the launched site in Trenton includes six two-bedroom units

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