The modular units for Carmel Place in NYC under construction. (Courtesy nARCHITECTS)
A very positive review of the current state of the modular construction industry and the future outlook for it was recently published in The Architect’s Newspaper. The article quotes the The National Real Estate Investor which showed that in the last five years the modular construction industry has doubled in size to over $8 billion. The increased productivity and lower overall design and construction costs were indicated as the most significant factors in the choice of using modular construction for commercial projects. The article also references the 2018 Commercial Construction Index economic indicator, a report jointly published by USG Corporation and the U.S. Chamber of Commerce that tracks trends in commercial construction. It showed that more than 70 percent of surveyed contractors see eight distinct benefits in using modular construction including increases in efficiency, productivity, safety, and quality, while reducing risk, costs, material waste, and construction times. The reduction in the overall project timeline also leads to an increase in the opportunity costs by allowing revenue-earning buildings to begin doing so faster than facilities built using other construction methods. The whole article can be viewed here.
