When the recession hit, budgets tightened around the world and the building industry was hit hard. However as companies are always looking to save on energy bills, especially in the current climate, green buildings with their added insulation, water recycling systems and integrated renewable energy units are very appealing to buyers. It comes as no surprise then to learn that a new report from McGraw-Hill Construction has revealed that US homes are getting greener and the U.S. green building market is accelerating at a substantial rate.
The report titled “Green Outlook 2011: Green Trends Driving Growth” states that green buildings represented a quarter of all new construction activity in 2010, and that the value of green construction was up 50 percent from 2008 to 2010 — from $42 billion to $55 billion to $71 billion. It also states that this growth is set to continue, with the green building market expected to grow to $135 billion by 2015!
Speaking about the report to Earth And Industry, Harvey M. Bernstein, vice president of Global Thought Leadership and Business Development at McGraw-Hill Construction said, “It’s an amazing area of opportunity at time when the construction market is extremely challenged.” “In today’s economy, firms that specialize in green or serve this market are seeing a tremendous advantage — and they’re doing good at the same time. Green building leads to healthier places for us to live and work in, lower energy and water use, and better profitability.”
The report also found that an amazing one-third of all new nonresidential construction is green… of course, it should be higher, but according to the report it soon will be. It states that in five years, nonresidential green building activity is expected to triple, representing $120 billion to $145 billion in new construction – essentially 48 percent of the entire nonresidential market.
Unsurprisingly the main factors for going green are lower operating costs (eg. heating, cooling, lighting, water) and higher building values that generate an increased return on investment. There has also been an increase in local and federal government regulations and incentives, so it doesn’t just make good environmental sense — green building is also more affordable!