Off-site prefabrication and modular construction growth
#1The US modular and prefabricated construction market was valued at $47B in 2023 and is projected to grow at 6.5% CAGR through 2030, driven by labor shortages, cost pressures, and ESG mandates favoring reduced site waste. Companies like Mighty Buildings, ICON (3D printing), Volumetric Building Companies, and Clayton Homes are scaling factory production of structural modules that arrive at site as completed assemblies. McKinsey's 2020 'The next normal in construction' report identified off-site construction as the single largest driver of productivity improvement available to the sector, projecting 20–25% cost reduction potential.