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2024 Permanent Modular Construction Annual Report

The Modular Building Institute

The Modular Building Institute gathers and distributes statistical information about the size and growth of the commercial modular construction industry. MBI's reports have become the leading source of information on the industry and are used worldwide by investment firms, banks, the media, researchers, consultants, and students.

Contents include General Industry Descriptions, Floors Shipped, Gross Sales, Sales by Market Segment, Dealer Gross Revenue, Lease Fleet Composition, Sale of Used Units, Industry Manufacturing Data, Industry Estimates, and Visuals of Contemporary Modular Buildings. Written in a concise fact-filled manner, these surveys are full of interesting and helpful information.

Report Summary

The 2024 Annual Report for the North American commercial modular construction industry, produced by the Modular Building Institute (MBI), provides comprehensive data on market share, production, and financial performance.

Market Share and Production Data

The report estimates there are 255 modular manufacturing companies in North America. These companies generate a significant portion of their revenue from the commercial modular industry, excluding those focused solely on single-family modular homes or manufactured housing. Approximately 122 of these companies are MBI members.

In 2023, the modular industry captured an estimated 6.64% of new construction starts, with a total project value of approximately $14.6 billion. The revenue data collected from 49 North American manufacturers showed an average revenue of $23,474,970 per manufacturer. This revenue represented 43% of the total value of projects utilizing modular construction.

Financial Data

Revenue and market share data have shown consistent growth over the past decade. For instance, in 2015, the market share was 2.14%, with a total value of PMC projects at $3.71 billion. By 2023, these figures had grown to a market share of 6.64% and a total project value of $14.6 billion. This growth underscores the increasing adoption of modular construction techniques across various sectors

Key Markets and Material Usage

The commercial modular construction industry serves multiple markets, including multifamily housing (20%), office buildings including government facilities (18%), educational buildings (15%), retail (11%), and healthcare (6%). The primary materials used in modular construction include wood frames (50%), steel frames (42.9%), and concrete (7.1%). The majority of projects follow the design-bid-build process (78.4%), with others using design-build (10.8%) and public-private partnerships (8.1%).

In short, MBI's 2024 annual report highlights the steady growth and diversification of the modular construction industry in North America. Emphasizing its increasing market share, financial robustness, and wide application across various sectors.

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