Global Affordable Housing Shortage Drives Prefabricated Housing
Global demand for prefabricated housing is forecast to rise 1% annually through 2024 to 3.9 million units, boosted partly by the shortage of affordable housing throughout the world supporting demand for inexpensive prefabricated units, in the market research report Global Prefabricated Housing. Currently, housing shortages exist in many emerging markets throughout Central and South America, the Asia/Pacific, and the Africa/Mideast. Interest in prefabricated housing has been rising in countries like Brazil and India, as it offers a faster, more affordable solution for expanding and upgrading the housing stock than most traditional housing. Additionally, the large Chinese market for these products is undergoing a shift. Demand for temporary housing, which has long dominated the prefabricated housing market, is declining as building construction slows. However, the government is looking to improve housing quality and affordability, leading demand for other prefabricated units to expand quickly because they offer quick, affordable solutions for both single-family and, increasingly, multifamily homes. The United States, the fifth largest market for prefabricated housing in the world in 2019 due to the large size of its housing market overall, also provides many opportunities for prefabricated construction. In the U.S., a relatively large market for prefabricated housing exists due in part to many people being priced out of the traditional single-family housing market, presenting a significant opportunity for manufacturers to provide more affordable housing solutions. The Freedonia Group forecasts U.S. demand for prefabricated housing will expand 2% per year through 2024. The best growth prospects are expected in panelized and precut homes.
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