Manufactured Home Industry Production Total for 2024 Announced by Manufactured Housing Association for Regulatory Reform (MHARR); plus Who Knew Manufactured Homes so Important to U.S. Economy?
The U.S. population was 276.1 million in 1998, per the U.S. Census Bureau and the World Bank. Adjusting for illegal immigration, the U.S. population in 2024 was about 330 million people (not adjusting for immigration, per the Census Bureau, it stood at about 340.1 million). So, despite an increase of 64 million people, the production of manufactured housing has dropped over 70 percent. With homelessness rising, with debts and deficits high and going higher, there is a need to fix affordable housing which simply can’t be done mathematically with today’s technology without millions of more HUD Code manufactured homes. With that brief backdrop, Part I of this report is the latest monthly official statistics on HUD Code manufactured home production for December 2024 and thus for the cumulative totals for 2024. Part II is additional information with a focused analysis and commentary.
Part I – Manufactured Home Industry Production on Positive Trajectory Entering Second Trump Term says Manufactured Housing Association for Regulatory Reform (MHARR) – U.S. Total for 2024
Washington, D.C., February 3, 2025 – The Manufactured Housing Association for Regulatory Reform (MHARR) reports that according to official statistics compiled on behalf of the U.S. Department of Housing and Urban Development (HUD), HUD Code manufactured housing industry year-over-year production increased in December 2024. Just-released statistics indicate that HUD Code manufacturers produced 7,078 new homes in December 2024, an 11.2% increase over the 6,360 new HUD Code homes produced in December 2023. Cumulative production for 2024 thus totals 103,314 homes, a 15.8% increase over the 89,169 HUD Code homes produced during 2023.
A further analysis of the official industry statistics shows that the top ten shipment states from January 2023 — with monthly, cumulative, current reporting year (2024) and prior year (2023) shipments per category as indicated — are:
The December 2024 statistics result in no changes to the cumulative top-ten list.
While the increase in production of new HUD Code homes reflected in the 2024 statistics is an encouraging turn-around from 2023, and is more consistent with production levels above the 100,000-home benchmark noted in 2021 and 2022, it still pales in comparison with the demand (and need) for affordable starter homes in the United States and the production levels in the hundreds-of-thousands of homes that the industry should be achieving. As MHARR has again emphasized most recently in a communication to HUD Secretary-Nominee Scott Turner, this differential, between demand, need and production, is fundamentally a function of three significant bottlenecks that have undermined the availability and utilization of HUD Code manufactured homes, i.e., discriminatory zoning exclusion, the failure of Fannie Mae and Freddie Mac to implement the statutory Duty to Serve for the industry’s dominant chattel lending sector, and looming draconian federal energy regulation. In a second Trump Administration, these bottlenecks should – and must be removed – and the industry cannot afford to waste its renewed opportunity to do so. Rather, now is the time to take aggressive action to eliminate these bottlenecks once and for all, while preserving the benefits of reasonable federal regulation, and expanding the affordable, mainstream manufactured housing industry.
The Manufactured Housing Association for Regulatory Reform is a Washington, D.C.- based national trade association representing the views and interests of independent producers of federally-regulated manufactured housing.
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Part II – Additional Information with More MHProNews Analysis and Commentary
In no particular order of importance are the following.
“When you want to help people, you tell them the truth.
When you want to help yourself, you tell them what they want to hear.”
– Thomas Sowell
“The puzzle is why there’s so little (manufactured housing) being shipped
when it’s a much better product than it used to be.”
2) According to a longer interview with then Manufactured Housing Institute (a.k.a.: MHI or “The Institute”) president and CEO Chris Stinebert at this link here by The Wall Street Transcript (TWST) was the following remarks.
Mr. Stinebert: The industry is expected to produce about 130,000 manufactured homes for the 2004 year, which is flat compared to its production of the year before. But we are expecting a healthy increase for 2005 up to between 145,000-150,000 homes.
TWST: Those levels are well below peak.
Mr. Stinebert: Yes. As recently as 1998, the industry produced 375,000 homes. [MHProNews note: the actual total for 1998 was 373,143].
TWST: Why the change? What went on to bring this number down so far?
Mr. Stinebert: We over-produced and built up inventory in the late 1990s. Retailers were encouraged to expand their stock of homes at the sales centers, creating sales for the manufacturers, while home sales to consumers did not keep pace. That was one factor. A second factor is that a lot of the homes that sold to individuals who could not afford them. Loose underwriting, lenient loan terms, and fraud lead to increased delinquencies and defaults. Repossessions flooded the market, directly impacting the severity of recoveries. Numerous lenders exited the industry at both the wholesale and retail markets and those remaining greatly tightened their underwriting requirements. The lending capacity for personal property loans ‘ chattel financing ‘ was severely curtailed. At the same time, the GSEs ‘ Fannie Mae and Freddie Mac ‘ segregated their manufactured housing portfolios and mandated new requirements and restrictive underwriting for conforming home loans. There are other factors that contributed to the recent decline in sales or production but these are the biggest. In the end, it was a combination of ‘perfect storm’ factors that fell upon the industry over a two-year period, and we’re just now starting to emerge as a stronger industry and certainly a smarter one.
TWST: Are all these issues pretty much behind you?
Mr. Stinebert: I would have to say yes. Inventory levels are very good and back to balanced levels. The high level repossessions from loans made during the 1990s, which have plagued the industry, have returned to manageable levels. The performance of loans made over the last several years continues to improve. The underwriting guidelines and terms for financing the homes has been vastly improved to the extent that some feel that there has been an over-reaction and an over-tightening and that some credit-worthy purchasers or customers do not have the ability to purchase a manufactured home but easily qualify for a site-built home. But there are other positive factors as well. …
Report to the Ford Foundation by Neighborhood Reinvestment Corporation
In collaboration with the
Joint Center for Housing Studies of Harvard University
…are the following pull quotes by authors and topics reviewed.
“Will Manufactured Housing Become Home of First Choice?”
– Freddie Mac 1997 Mortgage Market Trends, pp. 29-33.
Per a WORD search of the document, the report has 20 uses of the term “perception.”
There are three uses of the term “stigma.”
One of the efforts to address those image problems was reported as follows.
Fanjoy, Rob
Manufactured mansion to house first family.
Professional Builder 65(12):50.
Champion Enterprises, Inc., of Auburn Hills, Michigan, donated a three-bedroom, two-bath manufactured home to the Arkansas Governor’s Mansion Association in an effort to raise awareness and change the public’s outdated perceptions of manufactured housing. The home will house Arkansas Governor Mike Huckabee and his family while renovations are being done to the mansion. The home, chosen by first lady Janet Huckabee, was specifically designed to fit the needs of the baby-boomer market. Its selling price is $99,000.
Recall that MHProNews has periodically reminded readers of that historic effort involving then Gov. Mike Huckabee, who was named by President Trump to be the U.S. Ambassador to Israel.
4) Recall that in 2004-2005 the Manufactured Housing Institute (MHI) launched and later announced what became known as the Roper Report. It was supposed to address the image/stigma issue. It was supposed to ‘unleash’ potential sales because “perception is reality” according to the late MHI VP Bruce Savage’s remarks on the subject.
5) Also, in the turn-of-the-century timeframe was the MHI touting the potential of manufactured housing to surpass conventional construction. They did so by citing remarks from Eric Belsky, who was previously with the Harvard Joint Center for Housing Studies (JCHS).
At the time his comment was made, Belsky was at Harvard’s JCHS. HIs statements were not made on mere whim, it was based upon research. One reason why Belsky’s research was arguably logical was because the Fannie Mae Foundation had done serious research into manufactured housing.
Belsky’s remarks were later scrubbed from the MHI website. Also later scrubbed from the public side of the MHI website was former VP Bruce Savage’s name, former MHI president and CEO Chris Stinebert, and several other MHI presidents/CEOs and VPs.
7) In 2000, Warren Buffett led Berkshire Hathaway (BRK) sold off stocks in Fannie Mae and Freddie Mac.
Per Motley Fool. Several of the illustrations shown in this report can be opened in many browsers to reveal a larger size. To open this picture, click the image once. When the window opens, click it again to reveal the larger size photo. Use your browsers back key to return to the article.
8) In 2002 and 2003, Buffett led Berkshire made its apparent direct foray into manufactured housing by acquiring a stake in Oakwood Homes and buying Clayton Homes and rolling Oakwood into it.
9) Did ex-MHI CEO Stinebert consider those developments in the dramatically diminished manufactured home industry (a.k.a. MHVille) when he told TWST that manufactured housing would recover? Perhaps not.
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10) Obviously, these subjects ought to matter to those directly involved in manufactured housing, or perhaps to those involved in affordable housing more broadly. Because it is widely acknowledged in research literature that manufactured homes are an important component to solving the affordable housing crisis.
Manufactured homes are an often overlooked and maligned component of our nation’s housing stock, but these homes are an important source of housing for millions of Americans, especially those with low incomes and in rural areas.
That is the introduction to the “Advocates Guide” report authored by
These subjects also ought to matter to taxpayers, who are on the hook for the affordable housing crisis costs that include rising homelessness due to the obvious lack of affordable housing.
11) But they also should be of concern to shareholders and regulators charged with oversight of the financial and housing sectors. Why? Because as the National Low Income Housing Coalition (NLIHC), Senator Sheldon Whitehouse (RI-D), and Cavco Industries (CVCO) each observed, the lack of sufficient affordable housing near where it is needed is costing the U.S. economy some $2 trillion dollars annually.
There is an evidence-based case to be made that Cavco has ironically helped provide the ammo for antitrust pros to go after their firm and several others associated with the Manufactured Housing Institute. Their reasons to invest are also apparent proof of their own failures to successfully tap into the very opportunities that they illustrated with these factually supported claims. The base image above is from the Cavco Industries (CVCO) November 2023 Investor Relations ‘pitch deck’ or IR presentation. MHProNews periodically uses a satirical logo based on the MHI logo that proclaims: “Proud Member of Machiavellian Housing Institute” (i.e.: Manufactured Housing Institute or MHI) with its modified MHI tag line: “The National Association Serving Consolidators of the Manufactured Housing Industry.” Cavco Industries is indeed a “proud” MHI member. Call out boxes and arrows are added by MHProNews as part of this fact check and analysis. See detailed report and context here: https://www.manufacturedhomepronews.com/q3-2024-cavco-industries-inc-earnings-call-illustrates-benjamin-franklin-gates-quote-if-theres-something-wrong-those-who-have-the-ability-to-take-action-have-the-responsibility-to-take-action/
But in a curious development, Cavco – which aptly pointed out that the lack of affordable housing is harming the U.S. economy to the tune of $2 trillion dollars in lost GDP annually – after this publication began to point that out in our reports, Cavco dropped that claim from their investor relations presentation. Note that MHI’s chairman is Cavco CEO William “Bill” Boor. Look at the bottom right of the Cavco IR presentation slide above and the same place in the bottom right of the same Cavco slide some months later below.
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13) There is a considerable and growing body of evidence that demonstrates from documents and remarks by MHI members and/or MHI itself that key firms are attempting to keep the industry underperforming. Absent that evidence, one might wonder how it is possible that two good federal laws that favor manufactured housing could possibly be so mismanaged by MHI. MHI leaders are intelligent, sometimes well-educated and experienced. Which is all the more reason why someone should wonder: how is it possible that more than 20 years have elapsed since MHI’s President and CEO Chris Stinebert said the industry was ready to recover and it still has failed to do so? The answer is found in the graphics and remarks uttered by MHI’s own corporate members and leaders linked here (click in a new window to open to a larger size). An even more detailed illustration with more evidence is linked here.
Note that manufactured home industry underperformance tends to foster consolidation.
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14) Manufactured housing is slowly but steadily being monopolized due to underperformance of the industry. This oligopoly style of monopolization is also well supported by third-party as well as MHProNews/MHLivingNews research. As former MHI chairman Nathan Smith said.
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These examples that span the left, right, independent, etc. niches reflect reality. Reality, not fables or nice sounding narratives, are what people operate in.
“There are many kinds of journalism, but at the heart of their constitutional responsibilities, journalists are in the business of monitoring and keeping a check on people and institutions in power.” – American Press Institute.Click here to subscribe to the most complete and obviously most read manufactured housing industry news in seconds. Enter your desired email address, press submit, confirm in your inbox. Then You’re All Set for x2 weekly emailed news updates! To report a news tip – either ON or OFF the record – click the image above or send an email to iReportMHNewsTips@mhmsm.com – To help us spot your message in our volume of email, please put the words NEWS TIP or COMMENTS in the subject line. https://www.manufacturedhomepronews.com/its-a-great-observation-follow-the-money-regulatory-capture-iron-triangle-rigged-system-cui-bono-paltering-posturing-illusory-truth-a/
Our son has grown quite a bit since this 12.2019 photo. All on Capitol Hill were welcoming and interested in our manufactured housing industry related concerns. But Congressman Al Green’s office was tremendous in their hospitality. Our son’s hand is on a package that included the Constitution of the United States, bottled water, and other goodies.
Tony earned a journalism scholarship and earned numerous awards in history and in manufactured housing.
For example, he earned the prestigious Lottinville Award in history from the University of Oklahoma, where he studied history and business management. He’s a managing member and co-founder of LifeStyle Factory Homes, LLC, the parent company to MHProNews, and MHLivingNews.com.
This article reflects the LLC’s and/or the writer’s position and may or may not reflect the views of sponsors or supporters.
