The Institute for Building Technology & Safety (IBTS) is contracted by the U.S. Department of Housing and Urban Development (HUD) to gather accurate statistics on the production and shipments of HUD Code manufactured homes. In their most recent report released in January 2023 that covers the month of November 2022 are the following facts, which is Part I of today’s post. A focused Additional Information with More MHProNews Analysis and Commentary will be Part II of today’s Daily Business News on MHProNews report. Part III are the left-right (CNN-Newsmax) headlines which often reveal ‘market moving’ news that can impact equities. Graphical snapshot of the markets plus dozens of manufactured housing connected publicly traded companies completes our look at the latest in MHVille stock market caps and other trading data.
Per IBTS are the following abbreviations for terminology that they use for the information that follows.
- SW is Single Section or “Single Wide” manufactured home.
- MW is Multi-Sectional or “Multi-Wide” manufactured home.
- Total is the total of SW and MW, meaning, single and multi-section totals combined.
- Floors reflects the total floors or sections built for that period.
For the month of November 2022 was the data released on 1.3.2023 which is shown below.
Institute for Building Technology & Safety
Shipments and Production Summary Report
11/01/2022 – 11/30/2022
|District of Columbia||0||0||0||0|
MHProNews Note: there are states such as Rhode Island, Maryland, Massachusetts or Hawaii (among others) that have no or single digit manufactured housing shipments. Why is that so? Don’t those states have an affordable housing crisis too? Yes. Don’t federal laws regarding manufactured housing apply in those states as well as the other 50? Yes. More on such issues further below.
Next up is the production by state of HUD Code manufactured homes.
|*District of Columbia||0||0||0||0|
THE ABOVE STATISTICS ARE PROVIDED AS A MONTHLY
|SUBSCRIPTION SERVICE. REPRODUCTION IN PART OR|
|IN TOTAL MUST CARRY AN ATTRIBUTION TO IBTS, INC.|
|(*) THESE STATES HAVE FEWER THAN THREE PLANTS.|
|FIGURES ARE AGGREGATED ON FIRST LINE ABOVE|
|TOTALS TO PROTECT PROPRIETARY INFORMATION.|
Ashok K Goswami, PE, COO, 45207 Research Place, Ashburn, VA
Part II. Additional Information with More MHProNews Analysis and Commentary
Earlier this month, the Manufactured Housing Institute provided the following information to their member-readers in the “Federated States.” This information is routinely NOT made publicly available by MHI on their website, and must be accessed by a members-only login.
7,998 New HUD Code Homes Shipped in November
Last week, MHI released its Monthly Economic Report for November. In November 2022, 7,998 new manufactured homes were shipped, a decrease of 687 homes or 7.9 percent compared to October 2022, and a decrease of 1,062 homes or 11.7 percent compared to November 2021. Compared with the same month last year, shipments of both single-section and multi-section homes were down, by 6.0 percent and 16.3 percent, respectively. The seasonally adjusted annual rate (SAAR) of shipments was 93,201 in November 2022, down 5.8 percent compared to the adjusted rate of 98,907 in October 2022. The SAAR corrects for normal seasonal variations and projects annual shipments based on the current monthly total. Click here to read the full report. …##
Earlier this month, the Manufactured Housing Association for Regulatory Reform (MHARR) provided the following. Per MHARR was the following. The MHARR report preceded that of MHI.
HUD Code Production Declines Again in November 2022
Washington, D.C., January 3, 2023 – The Manufactured Housing Association for Regulatory Reform (MHARR) reports that according to official statistics compiled on behalf of the U.S. Department of Housing and Urban Development (HUD), HUD Code manufactured housing industry year-over-year production declined in November 2022. Just-released statistics indicate that HUD Code manufacturers produced 7,970 homes in November 2022, a 12% decline from the 9,069 new HUD Code homes produced in November 2021. Cumulative production for 2022 now totals 106,476 homes, an 8.9% increase over the 97,758 homes produced during the same period in 2021.
A further analysis of the official industry statistics shows that the top ten shipment states from the beginning of the industry production rebound in August 2011 through November 2022 — with cumulative, monthly, current year (2022) and prior year (2021) shipments per category as indicated — are:
The November 2022 data does not result in any changes to the cumulative top-ten list.
The Manufactured Housing Association for Regulatory Reform is a Washington, D.C.-based national trade association representing the views and interests of independent producers of federally-regulated manufactured housing.
— 30 —
Inconvenient (for some) Facts, Evidence and Truths – Focused MHProNews Related Information, Analysis, and Commentary
Texas is the runaway number one state producing manufactured homes and is routinely the top state for shipments of HUD Code manufactured housing as well. That noted, the two reports linked below from the Texas A&M University’s Texas Real Estate Research Center (TRERC) is worth reading or re-reading.
Has MHVille Reporting Forced Pivots? TRERC, TMHA, Manufactured Housing Institute Each Change Tune Following MHARR, MHProNews Reports – Fact Check, Analysis; plus Manufactured Home Community REITs, Stocks Update
Manufactured housing is routinely about 50 percent of the construction cost per square foot when compared to conventional housing, per U.S. Census Bureau data.
As the graphic that follows reveals, decades ago, that price advantage was a key factor that led to the then mobile home industry achieving about 1/3 of all single-family conventional housing starts. Needless to say, that represented a threat to conventional housing builders. When producers inside the then mobile home industry pushed to create what became the HUD Code for manufactured housing in 1974 (which took effect on June 15, 1976), little did they know that the manufactured home industry would soon tumble sharply. Manufactured housing has never achieved the level of production attained by the pre-HUD Code mobile home industry. Why is that so?
This image can be opened into a larger size. Click image and follow prompts.
Minneapolis Federal Reserve Senior Researcher James A. “Jim” Schmitz Jr. and his colleagues have pointed to what they called ‘sabotaging monopoly’ tactics deployed by the National Association of Home Builders (NAHB) and forces working inside HUD. Taxpayer funded housing subsidies, for example, helped make conventional building more affordable. Zoning and placement barriers made placing a manufactured home more difficult. Other items are examined by Schmitz and the related analysis found linked below.
In recent years, Schmitz and his colleagues have issued several articles and in-depth reports involving manufactured housing. It is clear that they are supportive of the industry’s affordable housing product. It is also clear that they are convinced by the evidence that manufactured housing has been ‘sabotaged’ by a combination of factors that include housing industry trade advocates, conventional builders, and elements within HUD itself undermining manufactured homes. This, they assert, has several harmful consequences to minorities, all those with lower incomes, leads to more homelessness, and has other ripple effects too. These researchers point to Thurman Arnold and others at the antitrust division of the Department of Justice (DoJ), who Schmitz and company say attempted to protect factory home building from predatory monopolistic sabotaging tactics.
If MHI were sincerely interested in representing “all segments” of the manufactured housing industry, then why have they failed to even mention Schmitz and his research? As the commentary in the purple call out box bellow reflects, much of Schmitz’s research could prove useful in advocacy by MHI with HUD, Congress, the White House, or mainstream media, among others. Are they unprofessional? Lazy? Why have they been accused by some of their own members, past and present, of failing at advocacy that ought to be common sense? Note, in several devices and browsers, the image below can be expanded to a larger size. Or it could be downloaded and opened to more easily read the notes and commentary.
If MHI sincerely wanted to achieve robust growth, as they have claimed at various times and in authoritative documents, then why have they partnered with NAHB and other industry competitors which Schmitz and others say are trying to undermind manufactured housing?
This image below can be opened into a larger size. Click image and follow prompts.
Doug Ryan with Prosperity Now, when that nonprofit was known as CFED, made a similar but different claim. Like Schmitz et al, Ryan pointed to various pieces of evidence in asserting that the Manufactured Housing Institute (MHI) was providing cover for Clayton Homes and their affiliated lenders. Those lenders, 21st Mortgage Corporation and Vanderbilt Mortgage and Finance (VMF), have drawn scrutiny for years, including, but not limited to, the Seattle Times series of reports on their problematic lending practices. Those practices would arguably not have been so significant, but for the fact that Fannie Mae, Freddie Mac, Ginnie Mae, and other federally backed and/or legislatively supported programs have been throttled for the bulk of the 21st century. While Lesli Gooch, on behalf of MHI denied the allegations made by Ryan, a close look at the analysis linked below demonstrated the resilience of Ryan’s concerns and the weaknesses of Gooch’s slippery defense.
Ryan’s point is similar to ones made by Pew Research or the Urban Institute.
The Manufactured Housing Association for Regulatory Reform (MHARR) has recently, and for years, pressed MHI to ‘do its job’ instead of posturing, preening, and pretending to act when a close examination of the facts reveals that MHI is failing at its owned claimed 990 mission statement.
Despite the fact that MHI has an apparent array of critics who are PRO-Manufactured Housing, but who have publicly QUESTIONED MHI’s effectiveness, methods, and results – MHI is publicly largely silent about those critics. More privately, the word is that MHI attempts to slur and demean their critics when asked about them. As recently as this past week, MHProNews has asked MHI, and/or their outside attorneys, to comment on such concerns. While the messages were acknowledged, no reply or comments were offered. Thus, the allegations against them stand unchallenged publicly.
There is an evidence-based case to be made that manufactured housing ought to be operating at several times its current production levels. Actually, one could simply rely upon Dick Jennison’s comment from some 8 years ago that manufactured housing could achieve 500,000 new homes produced annually. But there are voices within and outside of manufactured housing that when carefully examined make a compelling case for that or more. For instance, the second item immediately below is a remark made by Cavco Industries (CVCO) William “Bill” Boor during an earnings call. Statements by corporate officials are supposed to be accurate and not misleading, per various federal regulations.
A year ago, Cavco was all but bragging that they were turning away business.
Yet, when the year came to an end, the market recap for 2022 revealed that Cavco and numbers of manufactured housing connected equities did not keep up with inflation, and/or outright lost value.
There is direct and indirect evidence that manufactured housing is underperforming due in part to the action/inaction of specific corporate and association leaders who want the industry to underperform in order to act as a barrier to new companies coming in and to foster consolidation of the industry.
This image below can be opened into a larger size. Click image and follow prompts.
A law professor told MHProNews that he found Strommen’s thesis to be compelling and well presented. There is an apparent need for public officials and/or private attorneys, perhaps working on behalf of shareholders, to probe and prosecute as needed those involved in the apparent undermining of the manufactured housing industry. There is simply too much education and experience among the leaders of MHI to ignore the terrible performance as measured by manufactured housing production and sales. The apparent motivation for this scheme to underperform as an industry includes consolidation, as several public firms have said as much in their own investor pitches. That said, it is not an excuse to shortchange the public, taxpayers, investors, and others through clever head fakes, paltering, and the like.
The Bottom Lines?
- The third-party evidence in favor of manufactured housing is extensive. Yet the self-proclaimed umbrella (production and post-production) trade group for the industry which claims to represent “all segments” of manufactured housing, MHI, is sorely lacking on that useful pro-manufactured home evidence produced by others. Why?
- Manufactured housing is underperforming during an affordable housing crisis. Why?
- There are several experts and professionals who have called for antitrust efforts that specifically need to include the harmful impact of oligopoly style monopolization in manufactured housing. Some of those voices and writers point to evidence and specific issues caused by purported oligopoly style monopolists as reasons why manufactured housing is underperforming. To be clear, there are forces inside and outside of MHVille (i.e.: the artificially smaller manufactured home industry) that contribute to industry underperformance. Why does MHI, which has an antitrust statement (as a fig leaf?), ignore these voices and writings? Why isn’t MHI calling for antitrust probes and related action? Could it be that it is because MHI has become the organization that these consolidators of the industry have congregated to wield their influence over the manufactured home industry?
- MHI and their corporate leaders, after years of praising this publication, have pivoted to avoiding any direct reply to those inquiries or others that point to their problematic track record in the 21st century. MHI directly and through surrogates has apparently attempted to prevent, where possible, the presence of MHProNews at the same events that they attend or host.
State attorneys general are tasked to enforce a range of laws that include antitrust. State governments routinely struggle with the impacts of the affordable housing crisis.
This image below can be opened into a larger size. Click image and follow prompts.
Part III. Daily Business News on MHProNews Markets Segment
The modifications of our prior Daily Business News on MHProNews format of the recap of yesterday evening’s market report are provided below. It still includes our signature left (CNN Business) and right (Newsmax) ‘market moving’ headlines. The macro market moves graphics will provide context and comparisons for those invested in or tracking manufactured housing connected equities.
In minutes a day readers can get a good sense of significant or major events while keeping up with the trends that are impacting manufactured housing connected investing.
Reminder: several of the graphics on MHProNews can be opened into a larger size. For instance: click the image and follow the prompts in your browser or device to OPEN In a New Window. Then, in several browsers/devices you can click the image and increase the size. Use the ‘x out’ (close window) escape or back key to return.
Headlines from left-of-center CNN Business – from the evening of 1.17.2023
- The most critical resource
- Intel chip
- Chip supply chains will shape geopolitics more than oil over the next 50 years, Intel CEO says
- Why some cars from the 1990s are soaring in value
- Ousted Disney CEO Bob Chapek will get $20 million exit pay
- Tesla video promoting self-driving was staged, engineer testifies
- Elon Musk is being sued over his ‘funding secured’ tweet. Here’s what you need to know
- Russia’s war in Ukraine sparked a historic food crisis. It’s not over
- No recession after all? Business leaders are more hopeful as China reopens
- Americans are already starting to pull back on their spending, survey shows
- The steep plunge in used car prices — what it means, and what’s ahead
- China records first population decline in 60 years
- Netflix plans its biggest-ever slate of Korean content
- Are you a restaurant worker who recently came back to the industry? Tell us about it
- TikTok access from government devices now restricted in more than half of US states
- Covid broke supply chains. Now on the mend, can they withstand another shock?
- Bitcoin rallies 25% as crypto markets rebound
- Gen Z has a new ‘vintage’ technology to obsess over
- The top 1% captured nearly twice as much new wealth as the rest of the world over last two years
- Davos draws record crowds, but its relevance is fading
- Fed up with facial recognition cameras monitoring your every move? Italian fashion may have the answer
- China allows Didi to resume signing up new users as tech crackdown eases
- Global air traffic may return to pre-Covid levels in June, with China leading the way
- One Chinese province spent $22 billion on eliminating Covid before policy U-turn
Headlines from right-of-center Newsmax 1.17.2023
- NH Dems: Biden Primary Changes Could ‘Wreak Havoc’
- Boebert Receives Spot on House Oversight Committee
- 3 Get Life in Slaying of Michigan Guard Over Face Mask Order
- McConnell Says DOJ Must Treat Biden, Trump Docs Cases Fairly
- US Sending Munitions From Israel, S. Korea to Ukraine
- Video Report: WH Press Sec. Walks Out on Newsmax
- TSA Confiscates Anti-tank Weapon at Texas Airport
- Blinken Says U.S. ‘appalled’ by Execution of British-Iranian National
- Jordan Questions TSA Using Airport Facial Scans
- NYC Offering Free Abortion Pills
- Turley: Bill to Curb ‘White Supremacy’ Is ‘Flagrantly Unconstitutional’
- El Paso Warns Drivers of ‘Unexpected Pedestrians’
- WSJ: Biden Lawyers Talked DOJ Out of FBI Monitors for Docs Hunt
- McCarthy: Docs Probe Will Ensure Law ‘Applied Equally’
- Idaho Stabbing Report: Idaho Murder Suspect DM’d One of Victims
- Graham to Join Trump’s South Carolina ’24 Launch
- Kissinger Favors Outcome of Ukraine Joining NATO, Russia Initiating Peace
- Biden Vows We ‘Have Your Back’ on Student Debt Relief
- McCarthy: Santos Will Be Placed on Committees
- Gosar, Greene Assigned Committees After Dem Rejection
- Top US Gen. Milley, Ukraine Counterpart Meet in Poland
- Video Report: Gang Fight Mass Shooting Leaves 1 Dead
- Watergate Lawyer: Biden May Escape Charges on Technicality
- World’s Oldest Person, French Nun Sister Andre, Dies at 118: Retirement Home
- Stocks Edge Lower on Wall Street in Uncertain Trading
- WH Press Secretary Jean-Pierre Walks Out on Newsmax Question
- Speaker McCarthy: ‘Arrogance’ for Biden to Reject Debt Limit Talks
- WH Accuses Republicans of Hypocrisy on Biden Documents
- US Cop Convicted of Murdering George Floyd Appeals Case
- Port Authority Volunteers Enticing Migrants to Exit NYC With Free Bus Trips
- Report: Ailing Putin Weak, Dizzy From Drug Treatments
- Cruz: Biden’s Border Policy Emboldens Cartels
- Mayors Conference to Address Busing of Illegal Migrants
- FEC Rejects GOP Claim That Google Favored Dems’ Emails
- Davos: Musk Wasn’t Invited Despite What He Says
- Gallup Poll: 38 Percent of Americans Delayed Medical Care in 2022
- Microsoft to Cut Thousands of Jobs
- Jordan: House Subpanel to Probe Treatment of Jan. 6 Defendants
- Man Wearing ‘Jesus Saves’ Shirt Ordered to Leave Mall
- Trump: ‘We’ll Handle That’ If DeSantis Runs for White House
- Jackson Lee’s Anti-White Supremacy Bill Could Target Online Posts
- French City Asks Madonna to Loan Back Artwork Lost During WWI
- Tesla Self-Driving Video Was Staged, Engineer Testifies
- Media Cameras Cut Away From Jaguars Kicker Patterson’s Cross
- Ex-intel Official Now Says Hunter Biden Emails Had to Be Real
- Police Detain Greta Thunberg in German Coal Village Protests
- Rasmussen Poll: 56 Percent Favor Repeal of Funding for New IRS Agents
- Study: Trust in Government Higher in China Than in US
- Jeremy Renner Back at Home Recovering After Snowplow Accident
- Ohio Republican Announces Bid to Unseat Sen. Sherrod Brown
- Apple Launches Faster MacBooks
- Club for Growth Poll: DeSantis Would Be Harder for Biden to Beat
- Ken Buck’s ‘Crushed’ Reveals Big Tech Dangers
- UK Leader Linked to Bill Gates Wants Church of England to Allow Gay Marriages
- Video Report: Netanyahu Vows Judicial Reforms Despite Protests
- Expert: China’s Larger Fleet Likely Would Defeat US in Naval War
- Marie Osmond Says Her Kids Won’t Get Inheritance
- McCarthy: ‘Always Had a Few Questions’ About Santos’ Resume
- Fastest Corvette Ever Is AWD Hybrid
- Veterans Now Eligible for Free Suicide Crisis Care
- Peter Morici: Don’t Fear the Invasion of the Robots
- Over 150 Donors Sign Letter Backing Ronna McDaniel as RNC Chief
- Veterans Group Launches 7-Figure Foreign Policy Campaign
- Conservative Rep. Jim Banks Launches 2024 Indiana Senate Bid
- MSG Entertainment Told Facial Scan Policy Could Cost Support
- Dems Could Push Through Immigration Reform in GOP-Controlled House
- CNN Move Out of Downtown Atlanta Expected to Be Completed by End of 2023
- Study: Eating One Freshwater Fish Equal to a Month of Drinking Contaminated Water
- Tanks for Ukraine in Sight as Holdout Germany Says New Minister to Decide
- If Biden Documents Scandal Sinks 2024 Plans, Who Could Democrats Turn To?
- White House Press Briefings Devolve Into ‘Total Waste of Time’
- NOTE 1: The 3rd chart above of manufactured housing connected equities includes the Canadian stock, ECN, which purchased Triad Financial Services, a manufactured home industry finance lender.
- NOTE 2: Drew changed its name and trading symbol at the end of 2016 to Lippert (LCII).
- NOTE 3: Deer Valley was largely taken private, say company insiders in a message to MHProNews on 12.15.2020, but there are still some outstanding shares of the stock from the days when it was a publicly traded firm. Thus, there is still periodic activity on DVLY.
- Note 4: some recent or related reports to the REITs, stocks, and other equities named above follow in the reports linked below.
Manufactured Home Communities (a.k.a. ‘Mobile Home Parks’ – SIC) – Exploring UMH Properties; Fellow Manufactured Housing Institute Member Yes! Communities Suits and Settlements; plus MH Markets Updates
Disclosure. MHProNews holds no positions in the stocks in this report.
That’s a wrap on this installment of “News Through the Lens of Manufactured Homes and Factory-Built Housing” © where “We Provide, You Decide.” © (Affordable housing, manufactured homes, stock, investing, data, metrics, reports, fact-checks, analysis, and commentary. Third-party images or content are provided under fair use guidelines for media.) (See Related Reports, further below. Text/image boxes often are hot-linked to other reports that can be access by clicking on them.)
By L.A. “Tony” Kovach – for MHProNews.
Tony earned a journalism scholarship along with numerous awards in history. There have been several awards and honors and also recognition in manufactured housing. For example, he earned the prestigious Lottinville Award in history from the University of Oklahoma, where he studied history and business management. He’s a managing member and co-founder of LifeStyle Factory Homes, LLC, the parent company to MHProNews, and MHLivingNews.com. This article reflects the LLC’s and/or the writer’s position and may or may not reflect the views of sponsors or supporters.
‘The U.S. Can Solve Its Housing Crisis – It Just Needs To Start Building’ Bloomberg, Washington Post Want More Manufactured Housing in 2023! Plus 2022 Year in Review, Sunday MHVille Weekly Headlines Recap