3D printing technology has the potential to revolutionize the construction of houses and make them more affordable, especially for low-income families. However, two largest players in the field in Unites States of America, Mighty Buildings and Icon, have delivered fewer than 100 houses between them. In 2022, venture capital groups invested nearly $400 million in 30 building construction companies, which is eight times more than the amount raised in the previous five years combined.
3D printing technology has the potential to revolutionize the construction of houses and make them more affordable, especially for low-income families. The industry is still in its early stages, and it will be interesting to see how it develops and affects the housing market in the coming years.
Building houses has always required digital solutions, in the form of tradespeople's expertise and manual labor. However, in recent times, fintech has joined in and disrupted the traditional ways of buying and selling properties. They have made it easier to get a mortgage, and even made it possible to own a fraction of a house. Now, technology has taken things a step further, with US start-ups pioneering the 3D printing of entire houses.
The process of 3D printing a house involves using a large print head, which looks similar to an icing bag nozzle, to layer concrete and build entire walls on-site. It is a unique and fascinating process to watch. But the real question is, can this technology make a significant impact on the affordability of housing in the US, as its proponents claim?
The cost of housing and high mortgage rates has made it impossible for many people to become homeowners. According to the latest data from the National Association of Realtors, the Housing Affordability index was 91.3, down from 143 a year ago and the lowest reading since September 1985. An index score below 100 means that a family with the median income cannot afford a median-priced home.
Advocates of 3D printing claim that their method is faster and cheaper than traditional construction, which involves building homes on-site using wooden frames. The added speed could help address the severe housing shortage in the US, especially for low-income families, and reduce overcrowding, evictions, and homelessness.
Although the 3D printing of houses is still in its early stages, two of the largest companies in the field, Mighty Buildings and Icon, have delivered fewer than 100 houses between them. However, there is growing interest in the technology, and Icon is working with US homebuilder Lennar to construct 100 3D printed houses near Austin, Texas. In 2022, venture capital groups invested nearly $400 million in 30 building construction companies, according to PitchBook, which is eight times more than the amount raised in the previous five years combined.
While 3D printing can improve affordability, it is limited by the cost of land, which is usually the bulk of a development's cost. Additionally, it is not yet clear whether the technology, with its complicated building rigs, would work in densely populated urban areas.
In India, a full-scale 3D printed house was built by Tvasta Manufacturing Solutions, a start-up of IIT Madras alumni. The process of building a house using 3D printing technology is significantly faster than traditional construction methods. The Tvasta house, for example, was built in just five days, which is a significant improvement compared to the 5-6 months required for traditional construction. This technology addresses the pressing issue of affordable housing in India where millions of people live in slums or are homeless. With 3D printing, the cost of constructing a house is estimated to be 30% less than traditional methods without sacrificing quality. The printed houses are expected to be as durable or even more so than traditional homes and are more resistant to natural disasters. Tvasta estimates the cost of building a 3D-printed house to be around INR 5-5.5 lakhs.
This technology holds a lot of promise, mainly in its ability to create varied, low-cost buildings. 3D printing could replace traditional factory-based prefabrication in terms of cost and flexibility. However, it is still in its early stages, and it remains to be seen how it will evolve and be adopted in the future.
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