Prefabricated Housing Market in the US by Type and Region, 14th Edition

Ongoing housing market growth to support prefabricated housing demand

Ongoing growth in the housing market will support rising demand for prefabricated housing - the penetration rate of prefabricated housing units in the general housing market is expected to decline slightly going forward.

Key Findings in the Prefabricated Housing Study:

Double-section manufactured housing to see advances

Growth in manufactured home shipments is expected to lag that of the overall single-family housing market. While single-section manufactured homes, which saw their share of manufactured housing shipments rise during the economic downturn can expect stagnant change through 2020, shipments of double-section manufactured homes are expected to see relatively healthy gains, and will account for over three-fifths of all manufactured housing shipments in 2020. Manufactured homes with three or more sections will remain a marginal share of the market.

Precut and panelized housing to see strong gains

The best opportunities for growth in the prefabricated housing market in the US are for precut and panelized housing. These two product types account for the smallest shares of the prefabricated housing market, but can expect healthy gains through 2020, supported by growth in the housing market in the Midwest and South regions. These two regions are the most intensive users of panelized and precut housing. These housing types tend to offer a greater degree of customizability than manufactured or modular housing. Additionally, some types of precut homes, such as log homes, are popular as second or vacation homes.

South region to remain the largest, see fastest growth

The South region of the country was the largest consumer of prefabricated homes, largely because of the popularity of manufactured housing in many states in the region. In 2015, the south accounted for over half of all prefabricated housing demand. The South region is expected to see the most rapid growth in unit terms through 2020. The Midwest and West are projected to see slower gains in prefabricated housing demand through 2020, while the Northeast can expect a small contraction.

Study Coverage

This study includes historical data (2005, 2010, 2015) and forecasts (2020, 2025) for prefabricated housing by product (single-section, double-section, and multisection manufactured homes; modular housing; precut housing; panelized housing) and US census region and subregion, as well as housing markets in significant individual states. Data are presented in unit and dollar terms, with additional data on unit size and on-site assembly costs. The study also evaluates company market share in terms of manufactured housing units and overall prefabricated housing, and presents competitive analysis on industry competitors including Clayton Homes (Berkshire Hathaway), Champion Home Builders, Cavco Industries, Skyline, Legacy Housing, Wausau Homes, and Ritz-Craft.

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Table of Contents

INTRODUCTION

EXECUTIVE SUMMARY

MARKET ENVIRONMENT

General

Macroeconomic Outlook

Consumer Trends

Personal Income & Expenditures

Consumer Financing

General

Manufactured Housing

Green Building Trends

Demographic Trends

Population

Households

Residential Construction Expenditures

Housing Starts

Housing Stock

Urban/Rural Housing Patterns

OVERVIEW

Prefabricated Housing Overview

Types of Manufactured Housing

Prefabricated Housing Unit Outlook

Prefabricated Housing Value Outlook

Cost Advantages Relative to Site-Built Housing

Pricing Trends

Market Trends

Real Estate Development

Foreign Trade

International Environment

MANUFACTURED HOUSING

General

Outlook

Producers

Product Design

Single-Section

Double-Section

Three or More Sections

Cost Comparisons

Regulatory Issues & Trends

HUD Code

Delivery

Zoning

Community Ownership

Financing

Customer Base

Buyer Characteristics

Regional Variation in Demand

Market Penetration by State

OTHER PREFABRICATED HOUSING

General

Modular Housing

Technology

Producers

Precut Housing

Product Types

Log Houses

Other Precut Houses

Producers

Panelized Housing

Technology

Producers

Cost Comparisons

Regulatory Trends & Issues

Building Codes

Regulations & Affordability

Customer Base

REGIONS

General

Regional Demographic & Economic Trends

Population

Economic Outlook

Housing Trends

Regional Outlook for Prefabricated Housing

Northeast

New England

Middle Atlantic

Northeast Prefabricated Housing Trends

Midwest

East North Central

West North Central

Midwest Prefabricated Housing Trends

South

South Atlantic

East South Central

West South Central

South Prefabricated Housing Trends

West

Mountain

Pacific

West Prefabricated Housing Trends

INDUSTRY STRUCTURE

General

Industry Composition

Integration

Revenues

Market Leaders

Other Industry Participants

Manufacturing

Automated Manufacturing Processes

Comparison to Site-Built Techniques

Product Development

Competitive Strategies

Marketing

Distribution

Mergers & Acquisitions

Cooperative Agreements

Participating Companies

List of Tables

EXECUTIVE SUMMARY

Table 1-1 | Prefabricated Housing Supply & Demand (thousand units)

MARKET ENVIRONMENT

Table 2-1 | Macroeconomic Indicators (billion 2009 dollars)

Table 2-2 | Personal Consumption Expenditures (billion dollars)

Table 2-3 | Consumer Financing Environment, 2005-2015

Table 2-4 | Population & Households (million persons)

Table 2-5 | Residential Building Construction Expenditures (billion dollars)

Table 2-6 | Housing Starts (thousand units)

Table 2-7 | Housing Stock by Type (million units)

Table 2-8 | Housing Stock by Location & Type (million units)

OVERVIEW

Table 3-1 | Prefabricated Housing Supply & Demand (thousand units)

Table 3-2 | Prefabricated Housing Shipments by Value (million dollars)

Table 3-3 | Average Retail Housing Prices (thousand dollars per unit)

Table 3-4 | Prefabricated Housing Market, 2005-2015 (thousand units)

Table 3-5 | US Prefabricated Housing Trade (thousand units)

Table 3-6 | Global Demand for Prefabricated Housing (thousand units)

MANUFACTURED HOUSING

Table 4-1 | Manufactured Housing Shipments by Type (thousand units)

Table 4-2 | Manufactured Housing Shipments by Company, 2015

Table 4-3 | Single-Section Manufactured Housing Shipments

Table 4-4 | Double-Section Manufactured Home Shipments

Table 4-5 | Three or More Section Manufactured Housing Shipments

Table 4-6 | Manufactured Housing Shipments by State, 2015

Table 4-7 | Manufactured Housing Shipments as a Share of Housing Starts, by State, 2015

OTHER PREFABRICATED HOUSING

Table 5-1 | Other Prefabricated Housing Supply & Demand (thousand units)

Table 5-2 | Modular Housing Shipments

Table 5-3 | Precut Housing Shipments

Table 5-4 | Panelized Housing Shipments

REGIONS

Table 6-1 | Population by Region (million persons)

Table 6-2 | Gross Domestic Product by Region (billion dollars)

Table 6-3 | Regional Housing Indicators (thousand units)

Table 6-4 | Prefabricated Housing Demand by Region (thousand units)

Table 6-5 | Northeast Prefabricated Housing Demand by Subregion (thousand units)

Table 6-6 | Northeast Prefabricated Housing Demand by Product (thousand units)

Table 6-7 | Midwest Prefabricated Housing Demand by Subregion (thousand units)

Table 6-8 | Midwest Prefabricated Housing Demand by Product (thousand units)

Table 6-9 | South Prefabricated Housing Demand by Subregion (thousand units)

Table 6-10 | South Prefabricated Housing Demand by Product (thousand units)

Table 6-11 | West Prefabricated Housing Demand by Subregion (thousand units)

Table 6-12 | West Prefabricated Housing Demand by Product (thousand units)

INDUSTRY STRUCTURE

Table 7-1 | US Prefabricated Housing Sales by Company, 2015 (million dollars)

Table 7-2 | Selected Acquisitions & Divestitures

Table 7-3 | Selected Cooperative Agreements

List of Charts

MARKET ENVIRONMENT

Chart 2-1 | Year of Construction of Conventional Housing Stock, 2015

Chart 2-2 | Year of Construction of Manufactured Housing Stock, 2015

OVERVIEW

Chart 3-1 | Prefabricated Housing Shipments by Product, 2005-2025 (thousand units)

Chart 3-2 | Prefabricated Housing Total Costs, 2015 (thousand dollars per unit)

Chart 3-3 | Average Retail Housing Prices, 2005-2025 (thousand dollars per unit)

Chart 3-4 | Prefabricated Housing Market, 2005-2015 (annual percent change)

Chart 3-5 | Share of Housing Starts by Type, 2005-2015

Chart 3-6 | Global Prefabricated Housing Demand, 2015

MANUFACTURED HOUSING

Chart 4-1 | Manufactured Housing Shipments by Company, 2015

Chart 4-2 | Manufactured Housing Shipments by State, 2015 (thousand units)

Chart 4-3 | Manufactured Housing Placements as a Share of Total Housing Starts by State, 2015 (percent of housing starts)

REGIONS

Chart 6-1 | Prefabricated Housing Demand by Region, 2005-2025 (thousand units)

Chart 6-2 | Northeast Prefabricated Housing Demand by Product, 2015

Chart 6-3 | Midwest Prefabricated Housing Demand by Product, 2015

Chart 6-4 | South Prefabricated Housing Demand by Product, 2015

Chart 6-5 | West Prefabricated Housing Demand by Product, 2015

INDUSTRY STRUCTURE

Chart 7-1 | Prefabricated Housing Market Share, 2015

Prefabricated Housing Market in the US by Type and Region, 14th Edition

Key Findings in the Prefabricated Housing Study:

Purchase Prefabricated Housing Market in the US by Type and Region, 14th Edition by the Section