Perhaps as significant as the cost reduction is the cost certainty with modular projects. McGraw-Hill published a Smart Market Report titled “Prefabrication and Modularization: Increasing Productivity in the Construction Industry.” Through an internet survey of hundreds of AEC professionals, the report found: “Sixty-five percent report that project budgets were decreased-forty-one percent by six percent or more.” The shortened construction schedule can reduce the time needed for a construction loan and can dramatically advance the occupancy date, critical considerations for revenue-generating businesses such as hotels and fast-food restaurants. Fewer labor hours are needed to complete a comparable project and waste is significantly reduced. In larger urban areas where labor is scarce and/or more expensive, shifting construction to an off-site (often rural) location can yield significant cost savings.Īdditionally, the modular building process offers significant advantages in terms of efficiency and cost savings. The availability and cost of on-site labor is a key factor. There are a lot of variables with a modular project, just as there are with a conventional construction project.
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