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The global market size for modular construction was almost $138 billion in 2021, and it’s projected to grow to $271 billion by 2030. Modular construction is becoming more popular among residential builders and homebuyers, presenting new challenges for residential construction.
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We all know about the supply chain disruptions and skilled labour shortages that have been affecting the industry since 2020, but we’d like to discuss four residential construction challenges that aren’t talked about as often. Free ebook: Quick guide to Lean practices for construction professionals What residential construction challenges are project managers facing today? However, we want to dig a little deeper into the challenges that residential builders face today. In addition, respondents from the United States, Australia, Canada, and New Zealand listed their biggest challenges in residential construction, with the top two being subcontractor delays and sourcing materials delays. It’s no wonder the residential building sector is facing more challenges than ever. More residential projects went over budget in 2021 compared to previous years.Less than half of residential builders understand their fixed expenses per job and per day.Almost one-third of global residential construction projects were delivered late in 2021.The Association of Professional Builders’ 2022 annual report on the state of residential construction included some alarming findings:
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