TABLE OF CONTENTS
SECTION PAGE
INTRODUCTION ix
I. EXECUTIVE SUMMARY 1
II. MARKET ENVIRONMENT 4
General 4
Macroeconomic Environment 5
Consumer Trends 9
Personal Income & Expenditures 10
Consumer Financing 12
General 13
Manufactured Housing 16
Green Building Trends 19
Demographic Trends 20
Population 20
Households 23
Residential Construction Expenditures 24
Housing Starts 27
Housing Stock 30
Urban/Rural Housing Patterns 33
Gulf Coast Reconstruction 35
Pricing Trends 37
Market Trends 39
Real Estate Development 43
Foreign Trade 44
International Environment 46
III. OVERVIEW 50
General 50
Unit Outlook 53
Value Outlook 56
Cost Advantages Relative to Site-Built Housing 58
IV. MANUFACTURED HOUSING 60
General 60
Producers 64
Product Design 66
Single-Section 67
Double-Section 69
Three or More Sections 71
Cost Comparisons 72
Regulatory Issues & Trends 75
HUD Code 75
Delivery 76
Zoning 77
Community Ownership 78
Financing 79
Customer Base 81
Buyer Characteristics 82
Regional Variation in Demand 83
Market Penetration by State 87
V. OTHER PREFABRICATED HOUSING 90
General 90
Modular Housing 92
Technology 94
Producers 95
Precut Housing 96
Product Types 97
Log Houses 98
Other Precut Houses 99
Producers 99
Panelized Housing 100
Technology 101
Producers 102
Cost Comparisons 103
Regulatory Trends & Issues 104
Building Codes 105
Regulations & Affordability 106
Customer Base 106
VI. DEMAND BY REGION 108
General 108
Regional Demographic & Economic Trends 108
Population 109
Economic Outlook 111
Housing Trends 113
Regional Outlook for Prefabricated Housing 115
Northeast 118
New England 119
Middle Atlantic 120
Northeast Prefabricated Housing Trends 121
Midwest 124
East North Central 126
West North Central 126
Midwest Prefabricated Housing Trends 127
South 130
South Atlantic 132
East South Central 133
West South Central 134
South Prefabricated Housing Trends 135
West 138
Mountain 140
Pacific 141
West Prefabricated Housing Trends 143
VII. INDUSTRY STRUCTURE 146
General 146
Industry Composition 147
Integration 149
Revenues 150
Market Leaders 152
Clayton Homes 154
Champion Homes 154
Fleetwood Enterprises 155
Other Leaders 155
Other Industry Participants 157
Manufacturing 158
Automated Manufacturing Processes 158
Comparison to Site-Built Techniques 159
Product Development 160
Competitive Strategies 161
Marketing 162
Distribution 163
Financial Issues 165
Mergers & Acquisitions 167
Cooperative Agreements 169
Company Profiles 171
Admiration Builders, see Four Seasons Housing
American Homestar Corporation 172
AvisAmerica, see Excel Homes
Barden & Robeson Corporation 174
Barna Log Homes 175
Beaver Mountain Log & Cedar Homes Incorporated 176
Berkshire Hathaway Incorporated 178
Cavalier Homes Incorporated 180
Cavco Industries Incorporated 182
Champion Enterprises Incorporated 184
Coachmen Industries Incorporated 186
Excel Homes Incorporated 188
Fairmont Homes Incorporated 190
Fleetwood Enterprises Incorporated 192
Four Seasons Housing Incorporated 193
Honkarakenne Oyj 194
Horton Industries Incorporated 195
John Wick Homes, see Wick Building Systems
Liberty Homes Incorporated 197
Log Cabin Homes Limited 198
Muncy Homes Incorporated 199
Nationwide Custom Homes Incorporated,
see Palm Harbor Homes
Natural Spaces Domes Incorporated 201
Nobility Homes Incorporated 203
Oregon Yurtworks LLC 204
Palm Harbor Homes Incorporated 206
Patriot Homes Incorporated 209
Penn Lyon Homes Corporation 210
Prestige Home Centers Incorporated, see Nobility Homes
Ritz-Craft Corporation 212
Skyline Corporation 213
Southern Energy Homes Incorporated,
see Berkshire Hathaway
Town & Country Cedar Homes 214
Walter Industries Incorporated 215
Wausau Homes Incorporated 216
Wick Building Systems Incorporated 217
WoodPerfect Limited, see Berkshire Hathaway
LIST OF TABLES
TABLE NUMBER PAGE
SECTION I -- EXECUTIVE SUMMARY
Summary Table 3
SECTION II -- MARKET ENVIRONMENT
1 Macroeconomic Indicators 9
2 Personal Income & Expenditures 12
3 Consumer Financing Environment, 1996-2006 16
4 Resident Population 23
5 Residential Construction Expenditures 26
6 Housing Starts by Type 30
7 Housing Stock by Location & Type 35
8 Average Retail Housing Prices 39
9 Prefabricated Housing Market, 1996-2006 41
10 US Foreign Trade in Prefabricated Housing 46
11 World Prefabricated Housing Demand 48
SECTION III -- OVERVIEW
1 Prefabricated Housing Supply & Demand 55
2 Prefabricated Housing Shipments by Value 57
SECTION IV -- MANUFACTURED HOUSING
1 Manufactured Housing Supply & Demand 63
2 Manufactured Housing Shipments by Company, 2006 65
3 Single-Section Manufactured Housing Shipments 69
4 Double-Section Manufactured Housing Shipments 70
5 Three or More Section Manufactured Housing Shipments 72
6 Manufactured Housing Placements by State, 2006 85
7 Manufactured Housing Placements as a Share of Housing Starts
by State, 2006 87
SECTION V -- OTHER PREFABRICATED HOUSING
1 Other Prefabricated Housing Supply & Demand 92
2 Modular Housing Shipments 94
3 Precut Housing Shipments 97
4 Panelized Housing Shipments 101
SECTION VI -- DEMAND BY REGION
1 Resident Population by Region 111
2 Regional Gross Domestic Product 113
3 Regional Housing Starts & Sales 115
4 Prefabricated Housing Demand by Region 117
5 Northeast Prefabricated Housing Demand by Subregion 119
6 Northeast Prefabricated Housing Demand by Product 123
7 Midwest Prefabricated Housing Demand by Subregion 125
8 Midwest Prefabricated Housing Demand by Product 129
9 South Prefabricated Housing Demand by Subregion 132
10 South Prefabricated Housing Demand by Product 137
11 West Prefabricated Housing Demand by Subregion 140
12 West Prefabricated Housing Demand by Product 144
SECTION VII -- INDUSTRY STRUCTURE
1 US Prefabricated Housing Sales by Company, 2006 151
2 Composite Financial Ratios:
Selected Prefabricated Housing Manufacturers 167
3 Selected Acquisitions & Divestitures 169
LIST OF CHARTS
CHART NUMBER PAGE
SECTION II -- MARKET ENVIRONMENT
1 Year of Construction of Housing Stock, 2006 32
2 Prefabricated Housing Market, 1997-2006 42
3 Housing Starts by Type, 1996-2006 42
4 World Prefabricated Housing Demand, 2006 49
SECTION III -- OVERVIEW
1 Prefabricated Housing Shipments by Product, 2006 55
2 New Home Pricing, 1996-2016 57
3 Prefabricated Housing Total Costs, 2006 59
SECTION IV -- MANUFACTURED HOUSING
1 Manufactured Housing Market Share, 2006 66
2 Manufactured Housing Placements by State, 2006 86
3 Manufactured Housing Placements
as a Share of Total Housing Starts by State, 2006 89
SECTION VI -- DEMAND BY REGION
1 Prefabricated Housing Demand by Region, 1996-2016 117
2 Northeast Prefabricated Housing Demand by Product, 2006 124
3 Midwest Prefabricated Housing Demand by Product, 2006 129
4 South Prefabricated Housing Demand by Product, 2006 137
5 West Prefabricated Housing Demand by Product, 2006 145
SECTION VII -- INDUSTRY STRUCTURE
1 Prefabricated Housing Market Share, 2006 153
