NEW YORK — New research shows that a manufactured home built in China can be more expensive than one built in the United States, a report released Tuesday said.
The study by the University of Maryland, Baltimore County, showed that in 2012, a single-family home in New Jersey cost $2,800 to build while a home built by an Indian builder was $1,500 to build.
The findings were based on data from the U.S. Census Bureau, which showed the median price of a single family home in the nation’s largest state was $2.07 million.
That is nearly $2 million more than the median home price in New York City, the report said.
However, the price of homes built in India is much higher, the study said.
The U.K.-based firm Demographia said the price difference between Indian- and American-made homes is $6,800 a year, or about $1.6 million annually.
The report found that the cost of a home constructed in India can be as much $15,000 a year or more than $4,000 in the U-S.
As a result, the authors of the study wrote, the cost difference between manufacturing homes in India and the U.-S.
could be as high as $20,000 annually.
In recent years, the U to the Indian economy has been improving and is now among the fastest growing economies in the world.
However, according to the Demographias report, India is still far behind the United Kingdom in terms of its ability to deliver jobs and investment, as well as in terms in terms on quality of life.
“There are still a lot of challenges that remain for the economy of India and this study provides some evidence that it is an opportunity for the United Sates to take a lead in addressing these issues,” said Demographius economist Mark Zandi.
Demographia also reported that the United Nations has warned that if the U S. continues to slow down the pace of reforms, India could lose one-third of its economic growth by 2035.