Market Size of North America Prefab Wood Building Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 4.50 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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North America Prefab Wood Building Market Analysis
The size of North America Prefab Wood Building Market is ~USD 4 billion in the current year and is anticipated to register a CAGR of over 4.5% during the forecast period.
- The productivity of various building projects in North America has been delayed due to a manpower shortage during COVID-19. In addition, the pandemic has boosted offsite construction in North America, which offered improved safety, reduced risk, and greater certainty of completion on time and within budget. The combination of additive manufacturing with energy-absorbing materials, such as micro houses, is expected to boost regional industrial growth. Other factors driving growth include rapid urbanization in developing parts of the region and increased investment in the real estate sector.
- The US economy is also driven by massive internal migration. Americans are known for a tendency to move all over the country. Roughly 35.5 million Americans move each year, and over the years people may change homes up to five times. Building wooden houses, quickly and affordably, allows them to easily relocate without leaving too much behind. The United States is a country of speed, convenience, and ready-made solutions. That's reflected in their cuisine, their work culture, and most definitely their housing preferences.
- The prefabricated wood building manufacturing business is made up of around 570 companies that employ over 19,000 people and produce approximately USD 4.4 billion per year. New federal and state laws, requiring structural integrity and consistent construction methods, were adopted. Plywood, plastics, and aluminum, all of which were subsequently used in wood prefab units, increased sales as well.
- The United States Department of Commerce released a final finding in the third annual assessment of Canadian softwood lumber imports, lowering the tariff rate from 17.99% to 8.59%. Industry groups such as the NAHB and the National Lumber and Building Material Dealers Association have been lobbying for lower tariffs on Canadian softwood lumber to enable more affordable housing.
