Essay Preview: High Design
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The purpose of this assignment is to briefly assess state of the high-design manufactured homes industry. Manufactured homes are houses built in a factory, transported and installed at a destination site in compliance with the Department of Housing and Urban Development (HUD) codes and standards (Manufactured Housing Institute, 2012). Based on this source, it is a vital market sector with an estimated 15 million user population. The remaining part of the paper assesses the elements, market trends, impacts of economic, global, demographic, competitive trends and prospects for growth.
Impact of Market Trends
Economic Trends. The growth in demand for high design manufactured homes has been largely informed by the need for affordable housing that is of high quality. This need is greatly due to the adverse effects of the global economic downturn that led to economic, financial, and most importantly housing crisis around major economies especially United States. Based on this, it is observed by analysts that the industry has growth prospects in the future as people will purchase more manufactured homes compared to the site-built homes.
Regulation. The HUD Code regulates and monitors the manufactured homes design and construction, strength, and durability, transportability, fire resistance, energy efficiency, and overall quality. It also sets standards for the heating, plumbing, air-conditioning, thermal and electrical systems. The HUD Code also ensures compliance with these standards with a thorough inspection system that takes place at each step as the home is being constructed in the factory (Manufactured Housing Institute, 2012). This regulation provides assurance that manufactured homes are quality-built homes, driving its demand.