If you’re employed in any capacity in the building industries, you’ve likely heard about the rise of prefabricated, modular, and off-site construction. While these factory-built modules, wall panels, and components still only represent less than 5% of construction spend in the U.S., growth in the sector has been phenomenal.
Just consider the increase in permanent modular construction (PMC), a subsector of off-site construction that utilizes stacked boxes that are delivered with finishes and fixtures pre-installed to a building site and are being used at educational, office, multifamily, hospitality, and healthcare properties. Revenues in the sector jumped nearly 6296 in one year to reach $3.3 billion in 2016, according to the Charlottesville, Va.-based Modular Building Institute (MBI), an industry trade group, before jumping another 18% to reach $3.9 billion in 2017, the latest period for which numbers are available.
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