In an effort to quicken the pace of home construction, a number of state agencies and localities are implementing programs to build new modular housing. The Colorado Department of Transportation has just announced plans to spend up to $6.5 million on modular home projects for its large maintenance staff. Those homes will be built along the Interstate 70 corridor, as well as in several mountain towns. The Town of Frisco, in the central part of the state, could see the building of nearly two dozen such structures. The San Francisco Chronicle is reporting on an increase in such construction up and down the state, with one company, Factory OS taking on projects everywhere from South Lake Tahoe to Santa Cruz and Los Angeles. At the same time, the company Oaxaca Interests, based in Grand Prairie, Texas, has announced a new manufacturing plant that will be dedicated solely to making modular homes, with the first such homes scheduled to hit the market by next spring. According to the site Fortune Business Insights, the global modular construction market is expected to reach the $114 billion mark in 2028, up from last year’s $75 billion. The Fortune report also notes that the market is divided into two segments: permanent modular construction and relocatable modular construction, with permanent construction “the largest market share and fastest-growing segment.” Relocatable modular construction, meanwhile, is also expected to see an increase, responding to the need for temporary housing for emergency and relief operations. The market is additionally being helped by today’s technology, notes the site Motley Fool, pointing specifically to the use of 3D printing and robotics in the building of such homes. Those structures cost “10% to 20% less than site-built homes,” and could be seen as smart investments with the advent of “rising home prices and insufficient housing supply.” According to the Charlottesville, Virginia-based Modular Home Builders Association, modular home construction is likely to increase in popularity in the coming years, due to a combination of factors, including affordability, energy efficiency, and an abbreviated construction time. The association notes that an additional advantage for the modular home sector: they can be placed in any number of rural areas, even in the most remote spots, while construction companies are very often confined to building homes “in particular locations advantageous to them and the real estate companies.” By Garry Boulard
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