In an interesting news article on startup factory-builders from Crunchbase was the following keen insight. “In an interview last year, Veev CEO Amit Haller told Crunchbase News that the goal of more affordable housing will require building at scale. In a more ideal world, he envisioned that building homes would be more like churning out iPhones. The resultant product would be available at mass scale and of high enough quality to appeal to consumers of all means. But this presents a sort of chicken-and-egg dilemma. It’s tough to make affordable housing without scale. And it’s difficult to scale something that people can’t initially afford to buy.” Note that per left-leaning Wikipedia: “Crunchbase is a company providing business information about private and public companies. Their content includes investment and funding information, founding members and individuals in leadership positions, mergers and acquisitions, news, and industry trends.”
More on that further below in Part II in the additional information with more MHProNews analysis and commentary segment, which will explore what these insights may mean for HUD Code manufactured home builders. But first, that article on Crunchbase sparked inspired a survey of what is the latest news about a range of such startups. Not just Veev, but Icon, S2A Modular, Mighty Buildings, Plant Prefab, Admares, Boxable, and others.
With mainstream sources say that from 3.8 million, to 6 million, to perhaps as many as 20 million new U.S. housing units needed, the opportunities to earn money serving the U.S. affordable housing market ought to be obvious.
Part I – Crunchbase, AP, AI and Other Sources Provide Updates on 2023 Updates on New Factory Builders
In no particular order of importance, are insights and updates on factory-builders that have launched in recent years which have targeted the U.S. affordable housing market.
Veev
I hope this information helps.
Learn more:
According to Crunchbase.
Veev is a prominent name in a long list of affordable housing-related startups that scaled up during the boom years. While the San Mateo, California-based company only produced a limited number of dwellings to date, it had a longer-term vision of enabling mass-production of new homes with prefab components and standardized building processes.
It was one of several hefty fundraisers in the space. In our last report on funding to affordable housing-related startups in the summer of 2022, we put together a list containing 24 U.S. companies that had collectively brought in close to $2 billion.”
> “News about Oakland, California-based Mighty Buildings, a maker of factory-built, 3D printed panels?”
Is there anything else I can help you with?
Learn more:
> “News about 3D builder ICON?”
Learn more:
> “News about Admares in U.S.?”
ADMARES, a company that specializes in industrialized manufacturing of buildings and homes, plans to construct its first U.S. manufacturing facility in Waycross, Georgia. The company expects to create over 1,400 new jobs and invest $750 million in Ware County 123. The latest news on Admares can be found on their official website 4.
Learn more:
MHProNews reported on Admares plant in the report linked below.
> “News about Boxabl in U.S.?”
I hope this information helps!
Learn more:
- finance.yahoo.com 2. boxabl.com 3. therealdeal.com 4. msn.com 5. stock.boxabl.com 6. prnewswire.com”
MHProNews has reported on Boxabl in reports like the one linked below.
> “News about S2A in U.S.?”
Is there anything else I can help you with?
Learn more:
MHProNews first reported on S2A in the report linked below. Note that while S2A apparently failed to meet its expansion schedule by a wide margin, at least they had chutzpah.
In a follow up inquiry by this writer for MHProNews Bing AI said this.
> “According to the Waco Tribune-Herald, the article titled “Texas S2A ‘megafactory’ site leaves doubts with no progress” reports that the construction of S2A Modular’s “MegaFactory” in Texas has not made any progress, leaving many people skeptical about the company’s ability to deliver on its promises.”
> “What’s the news on factory-builder Plant Prefab?”
Is there anything else I can help you with?
Learn more:
- techcrunch.com2. plantprefab.com3. plantprefab.com4. plantprefab.com5. plantprefab.com6. plantprefab.com”
MHProNews reported on Plant Prefab on February 18, 2019.
> “What has been the market for accessory dwelling units in California before and since statewide preemption went into effect?”
However, I could not find any specific information on the market for ADUs in California before and after statewide preemption went into effect.
Is there anything else I can help you with?
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Note: featured images generated for MHProNews in part by Dall-E. Note 2: Bing AI has added an interesting disclaimer in small type: “Bing is powered by AI, so surprises and mistakes are possible.” That disclosure by Bing confirms MHProNews’ analysis on that topic.
Part II – Additional Information with More MHProNews Analysis and Commentary
It required a follow up prompting by this writer for MHProNews, but Bing AI got it right on the second try when asked about Minneapolis Federal Reserve senior economist, and National Bureau of Economic Research (NBER) professional James A. “Jim” Schmitz Jr. Per left-leaning Wikipedia: The National Bureau of Economic Research is an American private nonprofit research organization “committed to undertaking and disseminating unbiased economic research among public policymakers, business professionals, and the academic community.” Here was the first of two inquiries related to this topic.
> “Provide some pull quotes by the Minneapolis Federal Reserve’s James Schmitz on affordable housing must be made in a factory?”
I couldn’t find any direct quotes by James Schmitz on the topic of affordable housing being made in a factory. However, the Minneapolis Federal Reserve has released a dashboard to monitor the effects of zoning reforms on housing affordability in Minneapolis 3. The Minneapolis Fed expects that the results will inform policymakers in Minneapolis and also in other cities and regions across the Ninth Federal Reserve District and nation that are considering similar efforts to reform zoning in the interests of expanding housing affordability 3.
I hope this helps!
Learn more:
> “Didn’t Schmitz say affordable homes for low income families must produce in a factory?”
I hope this helps!
In that university presentation by Schmitz said: “It took me years and years to unravel the sabotage [of manufactured homes and factory-built housing] I have found.” There is “Absolutely no way I could have done so without the help of those in [the] construction industry producing factory homes,” it went on to say. A source with knowledge said there is implicit thanks to this writer for MHProNews, along with other researchers and professionals involved in MHVille and the housing construction field for the insights that continue fueling he and his colleagues’ research.
That research helps explain the manufactured home, modular housing, and factory-built housing industry’s 21st century underperformance. But first, let’s pivot back to what Crunchbase noted above, because they made a valuable point worthy of the interest of investors, affordable housing advocates, and a range of professionals as well as taxpayers and other stakeholders.
“In an interview last year, Veev CEO Amit Haller told Crunchbase News that the goal of more affordable housing will require building at scale. In a more ideal world, he envisioned that building homes would be more like churning out iPhones. The resultant product would be available at mass scale and of high enough quality to appeal to consumers of all means. But this presents a sort of chicken-and-egg dilemma. It’s tough to make affordable housing without scale. And it’s difficult to scale something that people can’t initially afford to buy.”
To more fully appreciate what Haller told Crunchbase, note that Investopedia explained that: “What Does “Scale” Mean in Business? … To scale—or scale up—a business means growing it in such a way that its revenues increasingly outpace its costs.”
“In business, the definition of “scale” is to increase revenue at a faster rate than costs. Businesses achieve this in a number of ways, from adopting new technologies to finding “gaps” in their operations that can be streamlined.” So said TonyRobbins.com.
The import of Haller’s remarks is that if the volume of home sales are too low, then the cost per unit will necessarily be higher to keep from selling at a loss (or to reduce the loss per unit). Meaning, there would need to be several things in place for many factory-builders to be profitable.
One of those things that are needed would be distribution channels. If a builder or builder/developer might be interested in a factory’s product, they would naturally want to see a prototype. Until they see a prototype, they may not commit to the product. That is “the sort of chicken-and-egg dilemma.”
In the survey above, notice that there have been some firms that have survived their initial startup period. Others, like Veev, have closed down despite hundreds of millions of dollars being invested. A production center is needed. Hiring and training a staff is needed. The necessary components and raw materials are needed. Building inspections that will satisfy this or that zoning department are needed. These are all among the potential hurdles that a start up in a non-HUD Code manufactured housing producer would likely face.
But investing in an existing or properly organized start-up in HUD Code manufactured housing, some hurdles are mitigated. How so? Let’s look.
By definition, HUD Code manufactured homes are built to federal standards which are preemptive of local or state mandates. There is at least in theory no need for inspectors from various jurisdictions to come to the plant, because that process has been simplified by HUD which has contracted that third-party inspection process out. Much of what is needed could be pre-arranged.
To illustrate, this question was put to Bing AI.
> “HUD uses third-party inspectors for HUD Code manufactured housing, isn’t that correct? Give some details on that process which explains how it simplifies construction inspections.”
According to the International Code Council (ICC), third-party qualified inspectors are permitted to review and verify the installation of a manufactured home 2.
I hope this helps!
Learn more:
Next, it is possible to begin the process of establishing distribution with HUD Code manufactured homes prior to the start of production. Why is that so? Precisely because HUD certification and inspections are involved. Consumer protections are built into the HUD Code manufactured home process. Especially since the Manufactured Housing Improvement Act of 2000 (MHIA), even installation is better regulated than in the decades since the HUD Code went into effect on June 15, 1976. To illustrate, consider the following.
> “Bing, is it fair to say that consumer protections are built into the HUD Code manufactured home process? Isn’t that especially since the Manufactured Housing Improvement Act of 2000 (MHIA), even installation is better regulated than in the decades since the HUD Code went into effect on June 15, 1976? Please elaborate.”
Yes, it is fair to say that consumer protections are built into the HUD Code manufactured home process. The Manufactured Housing Improvement Act of 2000 (MHIA) significantly amended the Manufactured Housing Construction and Safety Standards Act by creating new mandates for manufactured home installation and dispute resolution 1. The MHIA also established a broad set of criteria to ensure that changes could be effectively promulgated with respect to the design, construction, and installation of the stock of manufactured homes 2.
HUD’s model installation standards, authorized by the MHIA, provide requirements affecting manufacturers’ installation instructions and the work performed at the site as part of the placement of the home, such as the foundation, anchorage, close-up work, and postplacement connections of some appliances and utility systems 3. The MHIA also requires third-party inspectors to inspect manufactured homes at various stages of production 1.
The MHIA has helped improve the quality of manufactured homes and installation practices. The Act has also helped to ensure that manufactured homes are safe, durable, and affordable for consumers 4.
I hope this helps!
Learn more:
For decades prior to the MHIA, manufactured homes were generally sold through three distribution channels.
(1) Street retailers (a.k.a. “home centers” or “dealers”).
(2) Manufactured home land-lease communities (a.k.a. often errantly called “mobile home parks” or worse, “trailer parks”).
(3) Developers that sold land-home packages.
Bing AI aptly confirmed these points: “Yes, that is correct…”
While the numbers of manufactured home retailers and communities has been dramatically cut in the 21st century, nevertheless, other than Hawaii, Puerto Rico and to a lesser extent Alaska, retail distribution has existed for decades for HUD Code manufactured housing.
Not to give away too many insider secrets, but a variety of ways could be utilized to speed the process of being a new start-up in manufactured housing being market-ready that may ease the costs pre-launch.
So, in comparison to the hurdles faced by the firms named herein above, or others like them who decided to invest in affordable housing construction using factory-building, it should be apparent that it would be wise to consider the multiple possible advantages of going with a HUD Code manufactured home certified building center.
More Evidence…
To further illustrate the point, consider the following. The recent deal by Skyline Champion (SKY) to acquire Regional Homes revealed several factors in the process. Regional Homes, per a Skyline Champion’s (SKY) investor relations pitch-deck in 2023, launched in 2006. So, in under 17 years, Regional Homes established one of the largest network of vertically integrated production and sales centers in the U.S.
Regional was also, according to Skyline Champion, the #4 builder of HUD Code manufactured homes. Put differently, from start up to one of the largest in the country was accomplished in a relatively short time frame. Odds are good that this was accomplished by Regional with less funding than several of the non-HUD Code factory-building start-ups named in Part I above.
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Next by way of example. As our periodic review of ‘most read’ reports reveals, a perennial top read article on MHProNews is the one about Rollohome linked below.
While some contemporary factory-builders think that the original news source that supplied some of the details used in that report erred on some facts, either way, Rollohome was a notable success story in the mobile home era.
> “What can you tell me about the history of mobile home builder Rollohome?”
Rollohome was started by Elmer Frey in his family barn as a one-time trailer sale. Soon he and his brothers Roland, Harold and Norman and his brother-in-law John Bertschie, began large scale operations in the sale and production of mobile homes. By 1950, Rollohome, was the city’s fastest growing business and within two years had sold more than 60,000 units. The Freys pushed the lengths to over 40 feet and several state laws pertaining to trailer length and width were changed. They also donated one trailer to the State Historical Society as a traveling museum. The original plant was located between East Ives and East Upham streets to the north and south and between North Central and North Peach avenues to the east and west. Today this area is occupied by the Marshfield Mall, Central City Credit Union, McDonald’s and the Comfort Inn 1.
I hope this helps!
> “Various aspects of factory home building and manufactured housing has attracted some of the largest corporate names and wealthiest investors in the U.S., isn’t that correct? Warren Buffett, Sam Zell, Elon Musk, BlackRock, Amazon, The Carlyle Group, and others are among those who have invested in some aspect of manufactured housing and/or factory built housing, isn’t that correct?”
> “Scan the web and tell me who in the manufactured housing industry has reported on the research by James A. Schmitz Jr. and/or Samuel “Sam” Strommen which sheds light on the question of manufactured housing industry underperformance during an affordable housing crisis?”
Another article by Manufactured Home Pro News mentions that James A. “Jim” Schmitz Jr. and his research colleagues have shed light on the issue of manufactured housing industry underperformance during an affordable housing crisis 2.
Finally, EIN Presswire reports that 4 attorneys and 2 analysts have conducted research on the manufactured home industry and the Manufactured Housing Institute Performance Spotlight. The research reveals why the manufactured homes industry is underperforming during an affordable housing crisis. The report includes insights from Samuel Strommen, Fran Quigley, Andrew Justus, and Daniel R. Mandelker 3.
I hope this information helps!
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that the industry ought to expect this current downturn because more expensive site built housing is also in a downturn? MHI’s research and reasoning are arguably a classic example of PALTERING and the use of a RED HERRING logical fallacy. Note: depending on your browser or device, many images in this report and others on MHProNews can be clicked to expand. Click the image and follow the prompts. For example, in some browsers/devices you click the image and select ‘open in a new window.’ After clicking that selection you click the image in the open window to expand the image to a larger size. To return to this page, use your back key, escape or follow the prompts.
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Few know the industry from the trenches in the industry, from the reporting, and thought leadership process as the leadership of this platform can factually claim. Who says? Some of supporters as well as our critics. Third-party researchers looking in have said similarly. So, when it comes to authentic insights into manufactured housing that isn’t purely self-serving or often obscured-agenda driven, there are good reasons why such a wide range of professionals, public officials, attorneys, and others turn to MHProNews. We are true believers who are willing to call out the scoundrels, identify the roadblocks, and point to the tremendous potential too. ##
Part III – is our Daily Business News on MHProNews stock market recap which features our business-daily at-a-glance update of over 2 dozen manufactured housing industry stocks.
This segment of the Daily Business News on MHProNews is the recap of yesterday evening’s market report, so that investors can see at glance the type of topics may have influenced other investors. Thus, our format includes our signature left (CNN Business) and right (Newsmax) ‘market moving’ headlines.
The macro market move graphics below provide context and comparisons for those invested in or tracking manufactured housing connected equities. Meaning, you can see ‘at a glance’ how manufactured housing connected firms do compared to other segments of the broader equities market.
In minutes a day readers can get a good sense of significant or major events while keeping up with the trends that are impacting manufactured housing connected investing.
Reminder: several of the graphics on MHProNews can be opened into a larger size. For instance: click the image and follow the prompts in your browser or device to OPEN In a New Window. Then, in several browsers/devices you can click the image and increase the size. Use the ‘x out’ (close window) escape or back key to return.
Headlines from left-of-center CNN Business – from the morning of 12.6.2023
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Headlines from right-of-center Newsmax 12.6.2023
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2023 …Berkshire Hathaway is the parent company to Clayton Homes, 21st Mortgage, Vanderbilt Mortgage and other factory-built housing industry suppliers.
· LCI Industries, Patrick, UFPI, and LP each are suppliers to the manufactured housing industry, among others.
· AMG, CG, and TAVFX have investments in manufactured housing related businesses. For insights from third-parties and clients about our publisher, click here.
2022 was a tough year for many stocks. Unfortunately, that pattern held true for manufactured home industry (MHVille) connected stocks too. See the facts, linked above.
====================================
Disclosure. MHProNews holds no positions in the stocks in this report.
· For expert manufactured housing business development or other manufactured housing professional services, click here.
· To sign up in seconds for our industry leading emailed headline news updates, click here.
- Note 1: MHVille means manufactured housing industry, MHVille also means artificially smaller manufactured housing (MH) industry,
- Note 2: Manufactured housing, building, factories, retail, dealers, manufactured home, communities, passive mobile home park investing, suppliers, brokers, finance, financial services, macro-markets, manufactured housing stocks, Manufactured Home Communities Real Estate Investment Trusts, MHC REITs.
- Note 3:
APO, Apollo Global Management, BAM, Brookfield Asset Management, BLK, BlackRock, BRK-A, Berkshire Hathaway, BX, Blackstone, CDPYF, Canadian Apartment Properties Real Estate Investment Trust, CIGI, Colliers International Group Inc, CG, The Carlyle Group, CSGP, CoStar Group, CVCO, Cavco Industries, ECNCF, ECN Capital Group, ELS, Equity LifeStyle Properties, FGF, FG Financial Group, FG Communities, KEY, KeyCorp, KMMPF, Killam Apartment REITs, LCII, LCI Industries, LEGH, Legacy Housing, LPX, Louisiana Pacific Corporation, MHC-UN.TO, Flagship Communities Real Estate Investment Trust (REIT), MHPC, Manufactured Housing Properties, MMI, Marcus and Millichap, NOBH, Nobility Homes, PATK, Patrick Industries, SKY, Skyline Champion, SUI, Sun Communities, UMH, UMH Properties, UFPI, UFP Industries.
That’s a wrap on this installment of “News Through the Lens of Manufactured Homes and Factory-Built Housing” © where “We Provide, You Decide.” © (Affordable housing, manufactured homes, stock, investing, data, metrics, reports, fact-checks, analysis, and commentary. Third-party images or content are provided under fair use guidelines for media.) (See Related Reports linked herein. Text/image boxes often are hot-linked to other reports that can be access by clicking on them.)
By L.A. “Tony” Kovach – for MHProNews.
Tony earned a journalism scholarship along with numerous awards in history. There have been several awards, honors and numerous public recognitions for his achievements 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. Kovach is a managing member and co-founder of LifeStyle Factory Homes, LLC, the parent company to MHProNews, and MHLivingNews.com, which is ranked as the runaway most read trade media in modern manufactured housing history. This article reflects the LLC’s and/or the writer’s editorial views and may or may not reflect the views of sponsors or supporters.
