Single-Family Housing Construction (Individual Houses) Global Market Report 2024

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 observed in the historical period can be attributed to economic growth and consumer confidence, low mortgage rates, population growth, and household formation, as well as government housing policies and incentives, and the dynamics of the real estate market.

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 expansion anticipated in the forecast period can be attributed to demographic shifts and millennial homeownership, challenges related to affordability and entry-level housing, fluctuations in interest rates, the focus on sustainability and energy-efficient construction, and urban renewal and redevelopment. Major trends expected in the forecast period include wellness-focused design principles, the incorporation of outdoor living spaces, technology-enhanced construction processes, solutions for affordable housing, resilient and disaster-resistant construction practices, and the trend towards customization and personalization.

The anticipated surge in housing demand is set to drive the growth of the single-family housing construction (individual houses) market. Housing demand, influenced by individuals' preferences and financial capacities, represents a crucial economic investment for both households and builders. As housing provides shelter and protection against adverse weather conditions and street crime, the number of single-family housing constructions is on the rise. In February 2023, the Census Bureau reported a substantial increase in privately-owned housing units authorized by building permits, reaching 1,524,000, reflecting a 13.8% rise from the revised January rate of 1,339,000. Consequently, the growing demand for housing stands as a key driver for the expansion of the single-family housing construction market.

The increasing emphasis on green building practices is expected to contribute to the growth of the single-family housing construction market. Green building involves designing, constructing, and operating buildings in an environmentally responsible and resource-efficient manner. Single-family housing construction projects are adopting green building techniques, including proper insulation and high-performance windows, to optimize energy usage. As of October 2022, over 36,835 projects covering 4.63 billion gross square feet had earned Leadership in Energy and Environmental Design (LEED) certification, according to the US Green Building Council. The demand for green building is evident with over 5,000 additional certified projects in the first three quarters of 2022, primarily concentrated in the United States, Canada, East Asia, and Europe. Thus, the increasing demand for green building practices is a driving force for the growth of the single-family housing construction market.

Technological advancements are a prominent trend shaping the single-family home construction market. Leading companies in the industry are leveraging advanced technologies such as modular construction, artificial intelligence (AI), digital twins, blockchain, virtual and augmented reality, 4D simulations, and 3D printing to streamline construction processes in terms of time and cost. For instance, in January 2023, the Department of Science and Innovation (DSI) in collaboration with the University of Johannesburg (UJ) launched South Africa's first 3D-printed building using a concrete printer. 3D concrete printing is a construction method involving computer-controlled robots that print layer by layer, offering a novel approach to constructing 3D structures for houses and infrastructure.

Major companies in the single-family housing construction market are concentrating on product innovation to gain a competitive edge. One notable example is the introduction of the Backyard range, which consists of factory-produced studio and one-bedroom units designed for installation in homeowners' backyards. In November 2022, Samara, a US-based home services company, unveiled the Backyard range featuring units with different designs and sizes, all built with durable, cutting-edge materials. These units are precision-engineered, assembled in a factory, and equipped with solar energy for self-sufficiency, offering an easy and efficient installation process.

In February 2022, Asahi Kasei Homes Corporation, a Japanese manufacturer in materials, homes, and healthcare sectors, acquired Arden Homes Pty Ltd. This undisclosed acquisition aims to bolster Asahi Kasei Homes' home-building business in Australia and enhance its position in the order-built homes segment. Arden Homes Pty Ltd, based in Australia, is a residential home construction company specializing in building quality homes.

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.

Asia-Pacific was the largest region in the single-family housing construction (individual houses) market in 2023. Europe is expected to be the fastest-growing region in the single-family housing construction (individual houses) market report during the forecast period. The regions covered in the single-family housing construction (individual houses) market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the single-family housing construction (individual houses) market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary classifications of single-family housing construction (individual houses) are permanent and relocatable. Permanent structures are built for extended use and are typically constructed with materials such as wood, steel, and concrete, ensuring durability over an extended period. The construction materials used include steel, wood, concrete, and others, serving various applications in residential, commercial, and industrial contexts.

The single-family housing construction (individual houses) market research report is one of a series of new reports that provides single-family housing construction (individual houses) market statistics, including single-family housing construction (individual houses) industry global market size, regional shares, competitors with a single-family housing construction (individual houses) market share, detailed single-family housing construction (individual houses) market segments, market trends, and opportunities, and any further data you may need to thrive in the single-family housing construction (individual houses) industry. This single-family housing construction (individual houses) market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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