Construction Market Update: Companies Look to Modular to Shake up Construction Industry
While investors and companies alike are seeing the value of modular as they work to keep projects moving, the pain point of today’s supply chain disruptions and material shortages are also driving demand for offsite, factory-controlled prefab construction.
Modular Construction Trends Toward Growth
On the investment front, Crunchbase recently reported startups in the construction space raised more in the opening months of this year than they did over the entire span of 2020. Roughly $1.5 billion has flowed into these startups since the beginning of 2021.
As pressure surrounding the price and availability of construction commodities such as lumber and gypsum continues to build, so too do the stock prices of modular and prefab construction. With alternative materials boosting productivity and reducing waste, their climbing popularity shows no signs of slowing down. For example, Skyline Champion, a manufacturer of modular homes, has seen an increase of 102 percent over the past year. Here at SurePods, we are on track to hit record breaking sales this year. With more projects in production than ever before, 2021 has been a year like no other.
D.C. Metro Area to See a “New Era of Modular Properties”
Innovation is also ripe across the modular sector as experts seek new technology to make the traditionally slow-to-adapt construction industry more efficient. A case in point, The Washington Post reports Van Metre Homes has partnered with Joseph Wheeler, a professor of architecture at Virginia Tech, in the development of a new modular prototype aimed at producing a “new era of modular properties” in the D.C. metro area.
Having nearly seven decades of housing industry experience under their belt, this North Virginia building company recognizes the benefits of factory-controlled building. By removing the unknown variables typically found in traditional construction (delays, labor shortages, etc.) modular methods place control back in the hands of the builder. Van Metre Homes is set to unveil Wheeler’s prototype, also known as the POWERhaus, in spring 2021.
Big Names Bet Big on Modular
With today’s material shortages, skilled labor woes and supply chain disruptions causing many to rethink traditional building methods, some big names are touting modular construction in an effort to shake up the industry. As Fast Company reports, “a new venture from a company inside Warren Buffett’s Berkshire Hathaway conglomerate is taking on the challenge of creating and scaling modular architecture.” The joint venture between MiTek, a construction software and building services company, and Danny Forster & Architecture, seasoned designers of high-profile modular buildings, hopes to finally make modular mainstream by answering the global demand for more innovative and sustainable buildings.
Here at SurePods, our excitement grows as we continue to see modular processes turn age-old construction methods upside down. New technologies like prefabricated bathroom pods help expedite construction cycles, simplify jobsite sequencing and improve finish quality. To learn more about how today’s innovative modular bathroom pods can help you meet your project goals, contact us at [email protected].