Crafting Dreams: Single-Family Housing Construction Market 2024 | Growth, Analysis, and Competitive Landscape

The single-family housing construction (individual houses) market size has grown strongly in recent years. It will grow from $794.32 billion in 2023 to $838.97 billion in 2024 at a compound annual growth rate (CAGR) of 5.6%. The growth in the historic period can be attributed to economic growth and consumer confidence, low mortgage rates, population growth and household formation, government housing policies and incentives, real estate market dynamics..

The single-family housing construction (individual houses) market size is expected to see strong growth in the next few years. It will grow to $1056.11 billion in 2028 at a compound annual growth rate (CAGR) of 5.9%. The growth in the forecast period can be attributed to demographic shifts and millennials homeownership, affordability challenges and entry-level housing, interest rate fluctuations, sustainability and energy-efficient construction, urban renewal and redevelopment.. Major trends in the forecast period include wellness-focused design principles, outdoor living spaces, technology-enhanced construction processes, affordable housing solutions, resilient and disaster-resistant construction, customization and personalization..

Market Overview -
A single-family housing construction refers to a self-contained residential structure. These homes are intended to be utilized as single-family housing units, with a single owner, no shared walls, and having their own property.

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Rising Demand For Single-Family Housing Construction Drives Market Growth
Rising demand for housing is expected to propel the growth of the single-family housing construction (individual houses) market going forward. Housing demand refers to the type and number of houses that people will choose to occupy depending on their preferences and financial ability. As the housing is an economic investment for households and builders, and provides shelter, offering protection against inclement weather and victimization by street crime, number of single-family housing constructions are increasing. For instance, in February 2023, according to the Census Bureau, a US-based principal agency of the Federal Statistical System, privately-owned housing units authorized by building permits were 1,524,000, a 13.8% above the revised January rate of 1,339,000. Therefore, the rising demand for housing is driving the growth of the single-family housing construction (individual houses) market.

Competitive Landscape -
Major companies operating in the single-family housing construction (individual houses) market report are Red Sea Housing Services Co., Skanska AB, Bouygues Construction SA, ACS Group Inc., Lindal Cedar Homes Inc., Kiewit Corporation, Balfour Beatty plc, Taisei Corporation, System House R & Co. Ltd., Larsen & Toubro Limited, Algeco Scotsman Inc., Skyline Champion Corporation, Kirby Building Systems LLC, Butler Manufacturing Company, Astron Buildings SA, D.R. Horton Inc., Lennar Corporation, PulteGroup Inc., NVR Inc., Taylor Morrison Home Corporation, Meritage Homes Corporation, KB Home Inc., Clayton Properties Group Inc., Toll Brothers Inc., M/I Homes Inc., Beazer Homes USA Inc., Hovnanian Enterprises Inc., LGI Homes Inc., Century Communities Inc., AV Homes Inc., William Lyon Homes Inc., Richmond American Homes of Maryland Inc., Fischer Homes, Gehan Homes Ltd. .

Technological Advancements Reshaping Single-Family Home Construction
Technological advancements are a key trend gaining popularity in the single-family home construction (individual houses) market. Major companies operating in the single-family home construction (individual houses) market are developing using advanced technologies such as modular construction, AI, digital twins, blockchain technology, virtual and augmented reality, 4D simulations, and 3D printing to simplify construction in terms of time and cost. For instance, in January 2023, The Department of Science and Innovation (DSI), a South African government department responsible for scientific research, including space programs, along with the University of Johannesburg (UJ), a South Africa-based university, launched South Africa's first printed building using a 3D concrete printer. 3D concrete printing is a construction method by which the printer's path is pre-programmed and prints layer by layer and use computer-controlled robots to print 3D structures for houses and other infrastructure.

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Key Segments -
The single-family housing construction (individual houses) market covered in this report is segmented -
1) By Type: Permanent, Relocatable
2) By Material: Steel, Wood, Concrete, Other Materials
3) By Application: Residential, Commercial, Industrial

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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