Manufactured (Mobile) Homes in the U.S.

 
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Published Jul 1, 2007 | 152 Pages | Pub ID: SB1461668

The U.S. market for manufactured housing (previously known as “mobile homes”) has taken a beating over the past decade, but SBI expects it to recover by 2011. Since peaking at $10.6 billion in 1998, its value has nearly been cut in half, falling to $5.6 billion by 2006. In the 1990s, substantial growth in manufactured housing and loose credit standards for home-only loans led to aggressive lending practices. As a result, default rates and repossessions rose, underwriting standards tightened and credit offerings were curtailed, sending the market into a nosedive from 1999 to 2001. In the years that followed, traditional mortgage rates dropped to rock-bottom levels, enabling would-be purchasers of manufactured homes to reach for conventional site-built homes. The industry got a small boost in 2005 when FEMA purchased 17,000 manufactured homes in response to Hurricane Katrina, but that boost petered out in 2006 when unit shipments hit a 44-year low.

One bright spot for the industry is the growth of larger, more expensive manufactured homes. The biggest size category (triple-wides or larger) actually managed to grow during the 1997-2006 period, while single-wides and double-wides declined. To grow the market, the industry is working to improve consumer financing options and contend with a nagging image problem. Several major manufacturers have also partnered with ENERGY STAR, a government program that promotes energy-efficient solutions, to build ENERGY STAR-qualified homes. Growing demographic groups, including Hispanics, retiring Baby Boomers and single women also present opportunities for industry growth.

Manufactured (Mobile) Homes in the U.S. contains comprehensive data on the U.S. market for manufactured housing, including historical (1997-2006) and forecast (2007-2011) market size data in terms of the number and dollar value of unit shipments. The report identifies key trends affecting the marketplace and driving growth, and profiles major marketers and consumer demographics.

Report Methodology
The information in Manufactured (Mobile) Homes in the U.S. is based on data from the U.S. Department of Commerce and the Census Bureau, along with information from trade associations such as the Manufactured Housing Institute, business journals, company literature and websites, and research services such as Simmons Market Research Bureau.

What You’ll Get in This Report
Manufactured (Mobile) Homes in the U.S. makes important predictions and recommendations regarding the future of this market, and pinpoints ways current and prospective players can capitalize on current trends and spearhead new ones. No other market research report provides both the comprehensive analysis and extensive data that Manufactured (Mobile) Homes in the U.S., offers. Plus, you’ll benefit from extensive data, presented in easy-to-read and practical charts, tables and graphs.

How You’ll Benefit from This Report
If your company is already doing business in the manufactured home market, or is considering making the leap, you will find this report invaluable, as it provides a comprehensive package of information and insight not offered in any other single source. You will gain a thorough understanding of the current market for manufactured housing, as well as projected markets and trends through 2011.

This report will help:

  • Marketing managers identify market opportunities and develop targeted promotion plans for manufactured homes.
  • Research and development professionals stay on top of competitor initiatives and explore demand for manufactured homes.
  • Advertising agencies understand the product buyer to develop messages and images that compel consumers to buy manufactured homes.
  • Business development executives understand the dynamics of the market and identify possible partnerships.
  • Information and research center librarians provide market researchers, brand and product managers, and other colleagues with the vital information they need to do their jobs more effectively.

Chapter 1 Executive Summary
  • Scope
  • Methodology
  • Home Ownership
    • Number of Manufactured Homes Reaches 8.7 Million
    • Figure 1-1 Total Number of Manufactured Homes in the U.S., 1997-2006 (in millions)
    • Size Doesn’t Matter: Single-wide Units Dominate
    • Figure 1-2 Market Share of Existing Mobile/Manufactured Homes in the U.S. by Size, 2005
    • Number of Existing Manufactured Homes for Sale Plummets
    • Figure 1-3 Number of Existing Manufactured Homes for Sale in the U.S., 1997-2005 (in thousands)
    • South Sees Greatest Concentration of Manufactured Homes
    • Table 1-1 Number of Mobile/Manufactured Homes in the U.S. by Region, 1997-2005 (in thousands)

  • Market Size and Growth
    • Manufactured Home Market Plummets to $5.6 Billion
    • Figure 1-4 Value of U.S. Manufactured Home Shipments, 1997-2006 (in billion $)
    • Larger Manufactured Homes Only Bright Spot
    • Table 1-2 Value of U.S. Manufactured Home Shipments by Size, 1997-2006 (in million $)
    • Market Share of Top Manufacturers
    • Figure 1-5 Estimated Market Share of Manufactured Housing Shipment Values by Company, 2006
    • Unit Shipments Down As FEMA Curtails Purchases
    • Figure 1-6 Unit Shipments of U.S. Manufactured Homes, 1997-2006 (in thousands)
    • Table 1-3 Unit Shipments of U.S. Manufactured Homes by Size, 1997-2006 (in thousands)
    • Manufactured Home Market to Reach $6 Billion by 2011
    • Figure1-7 Forecast Value of U.S. Manufactured Home Shipments, 2006-2011 (in billion $)

  • Growth Factors
    • GDP Forecasted Growth Slow at 2.1% for 2007
    • Figure 1-8 Current-Dollar GDP vs. Real GDP, 2002-2006 (in trillion $)
    • Interest Rates Rise
    • Figure 1-9 Federal Funds Target Rate at End of Year, 2002-2006
    • Inflation May Aid Industry in Short-term
    • Increased Producer Prices
    • Figure 1-10 Producer Price Index for Manufactured/Mobile Homes, 1997-2006
    • The Housing Downturn
    • Table 1-4 Sales of New and Existing Homes in the U.S., 2000-2006 (in thousands)
    • Figure 1-11 Average Retail Price for New Manufactured Homes in the U.S., 1997-2006 (in thousands)
    • If They’re So Affordable, Why Aren’t People Buying Them?
    • Manufactured Housing Isn’t Mod
    • Capitalizing on Energy Efficiency
    • A Look at the Tiny House Movement
    • ENERGY STAR Solutions Increasingly Important

  • The Consumer
    • Manufactured Home Consumer Penetration: 2003-2006
    • Table 1-5 Penetration Rates of Mobile Home Residency vs. House Residency, 2003-2006 (%)
    • The Very Young and Retirees Dominate
    • Greater Ownership Likelihood in the South
    • Uphill Battle Against Current Ownership
    • Table 1-6 Selected Demographic Indicators for Residents of Mobile Homes vs. Other Housing, 2006
    • Opportunity: Hispanic Consumers
    • Opportunity: Baby Boomers
    • Opportunity: Single Women

Chapter 2 The Market

  • Scope
  • Methodology
  • Product Definitions
  • Manufactured Homes
  • Modular Homes
  • Industry Overview
    • Production
    • Distribution
    • Market Competition
    • Regulatory
    • Financing
    • Floor Plan Financing
    • Consumer Financing

  • Home Ownership
    • Number of All Housing Units Reaches 126 Million
    • Figure 2-1 Total Number of Housing Units in the U.S., 1997-2006 (in millions)
    • Number of Manufactured Homes Reaches 8.7 Million
    • Figure 2-2 Total Number of Manufactured Homes in the U.S., 1997-2006 (in millions)
    • Manufactured Homes vs. Total Housing Units
    • Figure 2-3 Mobile/Manufactured Homes as a Percentage of Total Housing Units in the U.S., 1997-2006
    • Seasonal Use Housing
    • Figure 2-4 Seasonal Units as a Percentage of Mobile/Manufactured Homes and Total Housing Units in the U.S., 1997-2005
    • Size Doesn’t Matter: Single-wide Units Dominate
    • Figure 2-5 Market Share of Existing Mobile/Manufactured Homes in the U.S. by Size, 2005
    • Occupied vs. Vacant Manufactured Homes
    • Figure 2-6 Number of Occupied vs. Vacant Mobile/Manufactured Homes in the U.S., 1997-2005 (in millions)
    • Number of Existing Manufactured Homes for Sale Plummets
    • Figure 2-7 Number of Existing Manufactured Homes for Sale in the U.S., 1997-2005 (in thousands)
    • Rented vs. Owned Manufactured Homes
    • Figure 2-8 Number of Occupied Mobile/Manufactured Homes in the U.S. by Occupant Type, 1997-2005 (in millions)
    • South Sees Greatest Concentration of Manufactured Homes
    • Table 2-1 Number of Mobile/Manufactured Homes in the U.S. by Region, 1997-2005 (in thousands)
    • Figure 2-9 Share of Mobile/Manufactured Homes by Region, 1997 vs. 2005
    • Rural Areas and Cities See Growth
    • Table 2-2 Number of Mobile/Manufactured Homes in the U.S. by Metropolitan vs. Nonmetropolitan Area, 1997-2005 (in thousands)
    • Figure 2-10 Share of Mobile/Manufactured Homes in the U.S. by Metropolitan vs. Nonmetropolitan Area, 1997 vs. 2005

  • Market Size and Growth
    • Manufactured Home Market Plummets to $5.6 Billion
    • Figure 2-11 Value of U.S. Manufactured Home Shipments, 1997-2006 (in billion $)
    • Double-wides Set Industry Trend
    • Single-wides Free Fall in 1999-2003 Period
    • Larger Manufactured Homes Only Bright Spot
    • Table 2-3 Value of U.S. Manufactured Home Shipments by Size, 1997-2006 (in million $)
    • Figure 2-12 Value of U.S. Manufactured Home Shipments by Size, 1997-2006 (in million $)
    • Figure 2-13 Market Share of U.S. Manufactured Home Shipment Values by Size, 2006
    • Unit Shipments Down As FEMA Curtails Purchases
    • Figure 2-14 Unit Shipments of U.S. Manufactured Homes, 1997-2006 (in thousands)
    • Unit Shipments by Size Decline Across the Board
    • Table 2-4 Unit Shipments of U.S. Manufactured Homes by Size, 1997-2006 (in thousands)
    • Figure 2-15 Unit Shipments of U.S. Manufactured Homes by Size, 1997-2006 (in thousands)
    • Figure 2-16 Market Share of U.S. Manufactured Home Unit Shipments by Size, 2006
    • A Closer Look at the FEMA Effect
    • Figure 2-17 Unit Shipments vs. Unit Placements of Manufactured Homes in the U.S., 1997-2006 (in thousands)
    • Price per Unit Increases Outpace Economy
    • Figure 2-18 Average Wholesale Price of Manufactured Homes in the U.S., 1997-2006 (in thousand $)
    • Average Wholesale Price by Size Varies
    • Table 2-5 Average Wholesale Price of Manufactured Homes in the U.S. by Size, 1997-2006 (in thousand $)
    • Figure 2-19 Average Wholesale Price of Manufactured Homes in the U.S. by Size, 1997-2006 (in thousand $)
    • Imports and Exports: Small But Growing
    • Figure 2-20 Imports and Exports of Manufactured Homes, 1997-2006 (in million $)

  • Forecast
    • Manufactured Home Market to Reach $6 Billion by 2011
    • Figure 2-21 Forecast Value of U.S. Manufactured Home Shipments, 2006-2011 (in billion $)
    • Double-wides Grow 2% Annually; Single-wides Decline 1%
    • Table 2-6 Forecasted Value of U.S. Manufactured Home Shipments by Size, 2006-2011 (in million $)
    • Figure 2-22 Forecast Value of U.S. Manufactured Home Shipments by Size, 2006-2011 (in millions)
    • Unit Shipments Rebound, But Full Recovery Elusive
    • Figure 2-23 Forecast Unit Shipments of U.S. Manufactured Homes, 1997-2006 (in thousands)

Chapter 3 Growth Factors

  • Introduction
  • The Economy
  • GDP Forecasted Growth Slow at 2.1% for 2007
  • Figure 3-1 Current-Dollar GDP vs. Real GDP, 2002-2006 (in trillion $)
  • Interest Rate Dilemma
  • Figure 3-2 Federal Funds Target Rate at End of Year, 2002-2006
  • Consumers Achieve Negative Savings in 2006
  • Inflation May Aid Industry in Short-term
  • Increased Producer Prices
  • Figure 3-3 Producer Price Index for Manufactured/Mobile Homes, 1997-2006
  • Weakened Currency
  • The Housing Downturn
  • Table 3-1 Sales of New and Existing Homes in the U.S., 2000-2006 (in thousands)
  • Table 3-2 U.S. Housing Starts, 2000-2006 (in millions)
  • Figure 3-4 Median Sales Prices for New Single-Family Homes in the U.S., 1997-2006 (in thousand $)
  • Figure 3-5 Average Retail Price for New Manufactured Homes in the U.S., 1997-2006 (in thousands)

  • Pros and Cons of Manufactured Homes
    • What Would Warren Buffet Say?
    • Show Me the Money Through Vertical Integration
    • Continued Need for Affordable Housing
    • Location, Location, Location
    • If They’re So Affordable, Why Aren’t People Buying Them?
    • The Mod Squad
    • Manufactured Housing Isn’t Mod
    • The Financial Times, They Are A-Changin’
    • Capitalizing on Energy Efficiency
    • A Look at the Tiny House Movement
    • ENERGY STAR Solutions Increasingly Important
    • Disasters Help and Hurt
    • Weathering the Storm
    • Insurance a Niche Market

    Chapter 4 Corporate Profiles

    • Overview
      • Figure 4-1 Estimated Market Share of Manufactured Housing Shipment Values by Company, 2006
      • Cavalier Homes, Inc.
        • Overview
        • Performance
        • Figure 4-2 Total Revenues for Cavalier Homes, 2002-2006 (in million $)
        • Product Portfolio
        • Significant Events

      • Cavco Industries
        • Overview
        • Performance
        • Figure 4-3 Total Revenues for Cavco Industries, 2003-2007 (in million $)
        • Product Portfolio
        • Significant Events

      • Champion Enterprises, Inc.
        • Overview
        • Performance
        • Figure 4-4 Total Revenues for Champion Enterprises, 2002-2006 (in million $)
        • Product Portfolio
        • Significant Events

      • Clayton Homes, Inc.
        • Overview
        •   Performance
        • Figure 4-5 Total Revenues for Clayton Homes, 2002-2006 (in million $)
        • Product Portfolio
        •   Significant Events

      • Fleetwood Enterprises, Inc.
        • Overview
        • Performance
        • Figure 4-6 Total Revenues for Fleetwood Enterprises, 2002-2006 (in million $)
        • Product Portfolio
        •   Significant Events
          •   Overview
          • Performance
          • Figure 4-7 Total Revenues for Nobility Homes, 2002-2006 (in million $)
          •   Product Portfolio
          •   Significant Events

        • Palm Harbor Homes, Inc.
          •      Overview
          • Performance
          • Figure 4-8 Total Revenues for Palm Harbor Homes, 2003-2007 (in million $)
          • Product Portfolio
          • Significant Events

        • Skyline Corp.
          • Overview
          •   Performance
          • Figure 4-9 Total Revenues for Skyline, 2002-2006 (in million $)
          • Product Portfolio
          • Significant Events

    Chapter 5 The Consumer

    • Introduction to Simmons Market Research Bureau Data
    • A Word on Verbiage
    • Table 5-1 Term Used by Manufactured Home Residents to Refer to Their Home, 1999, 2002 and 2005 (%)
    • Manufactured Home Consumer Penetration: 2003-2006
    • Table 5-2 Penetration Rates of Mobile Home Residency vs. House Residency, 2003-2006 (%)
    • Selected Demographic Profile of Mobile Home Dwellers
    • The Very Young and Retirees
    • Greater Likelihood in the South
    • Uphill Battle Against Current Ownership
    • Table 5-3 Demographic Indicators for Residents of Mobile Homes vs. Other Housing, 2006
    • Too Old and Too Poor to Care About Innovation?
    • Table 5-4 Percentage of Mobile Home Residents Who Have Communication Technologies in Dwelling, 1993-2005
    • Table 5-5 Percentage of Mobile Home Households Using the Internet for a Variety of Uses, 1993-2005
    • Table 5-6 Percentage of Mobile Home Residents Subscribing to TV Services, 1993-2005

  • Hispanics
    • Tremendous Long-term Growth
    • Table 5-7 Hispanic Population Projections Through 2050 (%)
    • Purchasing Power at $17 Billion
    • Table 5-8 Purchasing Power of U.S. Hispanics vs. Other Minorities: 1990, 2000, 2005 and 2010 (in billion $)
    • Home Is Where the Heart Is
    • Make Financing Options Clear

  • Baby Boomers
    • Baby Boomers: Retiring and Affluent
    • Table 5-9 U.S. Population by Age Group, 2000, 2005 and 2010
    • (in millions)
    • Skewed Perceptions of Modern Day Manufactured Homes
    • Looks Are Important
    • Single Women
      • Single Women Are Biggest Home Buyers After Married Couples
      • Figure 5-1 Distribution of Home Buyers by Marital Status and Gender, 2006
      •   Independence and Buying Power
      • Important Purchase Factors

    Appendix: Selected Manufacturer Addresses
    Appendix 2: Selected Upcoming Expos

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