In recent studies, Miami was ranked as the fastest growing large cities in America and construction makes up roughly 5.2 percent of Florida’s gross domestic product, and it’s valued at about 48 billion of the state’s 883 billion GDP. Off-site, modular construction strategies are gaining market share at an accelerating pace, providing owners with lower cost, faster options for delivering new facilities. According to Mc Kinsey’s recent report, many construction companies are investing in their own offsite manufacturing facilities, or in long-term contracts with established factories.
Fortune Business Insights says the United States Modular Construction Market size was estimated at USD 13.77 billion in 2020 and expected to reach USD 14.19 billion in 2021, at a CAGR 5.87% to reach USD 19.40 billion by 2026. The modular construction for high-rise buildings market is expected to grow at 5.60% CAGR during the forecast period, 2020-2023 and it’s segmented based on material, building height, module type, and region.