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2023 Permanent Modular Construction Annual Report

The Modular Building Institute

This newly-updated report collects the most recent data from the fleet owners around the industry and new project and revenue data. This report also includes valuable information for code compliance and provides an overview of the markets served by the relocatable buildings industry.

MBI analyzed 33 relocatable building projects completed in 2022 that were built for the education, office, healthcare, retail, and workforce housing markets. The average size of projects across all markets was 12,076 square feet, ranging from 273 square feet to 132,096 square feet. These projects took an average of 183 days to complete, at an average project cost of $1,479,339, or $122.50 per square foot.

Report Summary

While consolidations and acquisitions continue and the number of companies owning and leasing relocatable buildings declines, the total number of relocatable buildings in use remains fairly constant at around 500,000.

Public school districts across North America collectively own and operate about 200,000 relocatable classrooms, while the industry owns and leases about 300,000 buildings amounting to more than $5 billion in assets. Additionally, many construction companies own fleets of construction offices (not included in this data) that move from site to site. These figures also do not include noncoded units such as personal storage units, although these units typically make up about 15 percent of a provider’s fleet.

MBI obtained data from fleet owners controlling 291,554 rental units, or nearly all of the industry-owned assets. Across all companies, the average (mean) fleet size for North American relocatable building fleet owners in 2022 was 11,214 units. However, only four companies in this data set have a lease fleet larger than the mean. The median number of units from this data set was 1,300, demonstrating the gap between the larger and smaller companies. Companies reported 72.7 percent of inventory on lease as of Dec. 31, 2022.

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