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Posts Tagged ‘Elkhart County’

Indiana RV Industry Recovering Well; MH Industry Recovering Steadily

October 16th, 2014 Comments off

Indiana_manuf_home_production__elkharttruth__creditWhile the Great Recession took the wind out of the sails of Elkhart County, Indiana’s two largest industries – manufactured housing (MH) and recreational vehicle (RV) – RV manufacturers are now cheering their great recovery while the MH industry continues to slowly move forward, locally as well as nationally.

The ElkhartTruth  reporter Jeff Parrott quotes L. A. “Tony” Kovach – publisher of trade media ManufacturedHomeLivingNews.com and MHProNews.com – explaining the spread of bad loans twice triggered the housing market slide. Once occured within MH lending, starting in the late 1990s, and later  in the meltodwn of 2008 for conventional mortgages.  The second time pulled an already struggling MH industry down with it.

Due to the purchase of many MH units by the Federal Emergency Management Agency following Hurricane Katrina, the MH industry produced 146,881 homes in 2005, but that number quickly dropped to 81,907 by 2008, according to the Manufactured Housing Institute (MHI).

As the Great Recession of 2008 settled in and millions lost their jobs, production fell to 49,717 the next year, but  has been steadily climbing and is forecast to hit 63,000 units this year.

According to elkharttruth.com, while four MH factories in the county continue to employ thousands of workers, last year the county produced only eight percent of the nation’s manufactured homes, as compared to 48 percent of all new HUD Code manufactured homes produced in 1990.

Kovach, says Parrott, has been urging the industry to embark on an aggressive marketing campaign. “We’ve got this affordable housing shortage in America,” Kovach said. “Manufactured housing is a solution, but it’s not a solution that a lot of people are turning to. We still suffer from this ‘mobile home image’ issue. But yet if a person goes to see what a modern manufactured home looks like, it takes their breath away.”

Although the recession drove the county jobless rate to 20 percent in 2009, RV production is expected to hit 350,000 this year, the largest production since 2007. In April, there was a shortage of drivers to deliver finished goods, but that has now leveled out. Elkhart County currently accounts for 85 percent of the nation’s RVs  Clearly, the GoRVing campaign has worked for their industry. ##

(Graphic credit: elkharttruth.com–MH production in Indiana)

matthew-silver-daily-business-news-mhpronews-com       (Submitted by Matthew J. Silver to the Daily Business News— MHProNews)

 

Lippert’s Rezoning Request Receives Ratification

January 26th, 2014 Comments off

Lippert Components, Inc. of Elkhart County, Indiana received final approval from the Goshen (IN) Plan Commission to rezone 56 acres from Agricultural A-1 to Industrial M-1 for future use by the company. The city originally annexed the area April 1, 2012, according to RVBusiness.com, with the intent to rezone it for industrial use. Rhonda Yoder, planning and zoning administrator for Goshen, says, “The rezoning is consistent with the industrial zoning in the area, and is consistent with the industrial land use in the area, and it basically just puts into place what was anticipated at the time of annexation.” The request now moves on to the city council with a unanimous favorable recommendation from the plan commission. MHProNews.com knows Lippert is a component supplier to the manufactured housing, recreational vehicle and cargo trailer industries.

(Image credit: Lippert Components, Inc.)

Drew Industries is Paying a $2 Dividend

December 17th, 2013 Comments off

Drew Industries Inc.(DW) of Elkhart County, Indiana announces it will begin trading of ex-dividend Dec. 18, 2013, paying $2 a share which is scheduled to be paid Jan. 6, 2014. Even purchasers of the stock before the ex-dividend date can receive the cash dividend payment, according to nasdaq.com. Drew’s stock closed yesterday, Dec. 16 at $53.27. It’s 52-week high is $54.64, while it bottomed out during that same period at $30.82. As MHProNews knows, Drew is the parent company of Lippert Components, Inc. and Kinro, Inc. which make components for manufactured homes.

(Image credit: Drew Industries, Inc.)

Drew to Release Financials

October 18th, 2013 Comments off

Drew Industries, Inc. (DW) will release its Q3 2013 financials on Fri., Nov. 1 before the market opens, followed by a conference call at 11 AM the same day to discuss the results. A question and answer session of the call will be limited to institutional investors and analysts. As sacbee.com says, others may listen to the live webcast at www.drewindustries.com. Included in the conference call will be Chairman Leigh Abrams, CEO Jason Lippert, President Scott Mereness and CFO and Treasurer Joe Giordano. MHProNews knows Drew, headquartered in Elkhart County, Indiana, through its wholly-owned subsidiaries Lippert Components and Kinro, supplies the manufactured housing and recreational vehicle industries with numerous components through its 31 factories across the U. S.

(Image credit: Drew Industries, Inc.)

Drew Celebrates Move to Elkhart County, Indiana

October 3rd, 2013 Comments off

Indiana Gov. Mike Pence attended the ceremony welcoming Drew Industries’ move of its headquarters from White Plains, New York to Elkhart County, IN. The parent company of Lippert Components, Inc. and its sister company, Kinro, Inc., Drew has 50 factories in the U. S. and 5,500 employees nationwide—4,500 in IN—and touts itself as the largest supplier to the recreational vehicle industry, according to RVBusiness. Commenting on the move, Drew CEO Jason Lippert says, “Our customers are here, our facilities are here, our employees are here — and, now, our national headquarters is here.” Says Gov. Pence, “This is a real success for Elkhart County, and for the state and people of Indiana. This ribbon-cutting reaffirms that the RV market is coming back stronger than ever — and it will be centered here in the state of Indiana for generations to come.” As MHProNews knows, Drew is a major component supplier to the manufactured home industry.

(Photo credit: Bruce Hampson/rvbusiness–l-r, Ind. Gov. Mike Pence, Goshen City Council President Jim McKee, and Drew CEO Jason Lippert))

Indiana County has Highest Job Growth in the Nation

July 2nd, 2013 Comments off

Elkhart County in northern Ind. topped the nation for job growth in 2012 with a rate of 7.4 percent from Dec. 2011 to Dec. 2012, as compared to a national rate of 1.9 percent, according to the U. S. Bureau of Labor Statistics. The county, and neighboring LaGrange County, are the hubs of recreational vehicle production, the sister industry of manufactured housing (MH), turning out 83 percent of the nation’s RV’s. Manufacturing employment grew 11.6 percent in the county last year, adding 5,479 jobs, rvbusiness states. As MHProNews knows, the area is also home to several MH builders as well as component suppliers to the factory-built home industry.

(Photo credit: Wikipedia–manufactured home chassis)

MH Component Sister Companies Produce 330 New Jobs

October 18th, 2011 Comments off

indystar reports two subsidiaries of Drew Industries, Inc., of New York announce their joint $4 million-plus expansion plan will mean 330 new jobs in Elkhart County, Indiana in 2012. Lipppert Components Manufacturing, Inc., of Goshen, and Kinro Manufacturing, Inc., of Middlebury, IN both manufacture components for the MH and RV industries. Lippert will invest $650,000 in equipment and machinery; Kinro will spend $3.5 million to expand its production line. Kinro and Lippert currently employ 4,000 people at 31 plants in 12 states, more than 2,800 of those in northern IN. The Indiana Economic Development Corporation offered Lippert $1.55 million in tax credits and $165,000 in training grants.

(Graphic credit: Navteq/Microsoft)