Modular Expected to Outpace General Building Market

FMI, the largest provider of management consulting, investment banking and research to the engineering and construction industry, reported that as of the 4th quarter, the Non-residential Construction Index (NRCI) has been in positive territory for three quarters in a row, but only slightly positive. Most of the major components are down, but expectations for markets are improving slightly. FMI asked about one trend that could help make the construction business leaner and more efficient, the growth of prefabrication and modular construction. Panelists expect this area to grow faster than the market in general due to a number of drivers including the growing use of Building Information Modeling (BIM), owners wanting projects faster and for lower cost, safety, quality and the shortage of skilled labor once markets return to more normal growth.
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