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Industry Updates

Why Modular is in Mode

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As the construction industry starts a new year, builders and developers will be keeping their eyes open for the latest trends that will have game-changing impacts on their businesses. According to MillionAcres, one that is poised to do that is modular construction, thanks to its reduced building time.

Although it was previously a low-cost solution for properties in lower-priced areas, some of the largest companies in the proptech and construction tech spaces focus on modular and prefab builds, Deidre Woollard writes. “In fact, the modular construction market is projected to reach as high as $157 billion by 2023,” she adds.

One of the factors that makes modular construction so efficient is the fact that the modules are built at a factory, allowing it to avoid weather delays. “A modular factory can turn out units year-round in any weather conditions and can add multiple shifts to increase production,” Woollard says. “A report from McKinsey & Co. stated that modular construction can decrease construction time by as much as 50 percent.”

She adds that the pieces also can be assembled relatively quickly once they reach the site. “This can be very valuable in situations where slow construction could result in road closures,” Woollard says.

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