New Study Predicts Greener Pastures for Green Construction Industry
A new report says the green building market in the U.S. is gaining traction and projects greater growth ahead. McGraw-Hill Construction’s 2013 Dodge Construction Green Outlook report finds green building represented 44 percent of all commercial and institutional sector construction last year, and will grow to 55 percent by 2016. The report expects that the total green building market will be worth between $98 billion and $106 billion this year, growing to about $248 billion by 2016.
Green building is also becoming more popular in the home sector. Residential green building is projected to represent about 25 percent of the market in 2013, which is worth approximately $34 billion to $38 billion, and growing to up to $116 billion by 2016.
Within this growth, some industry experts expect that the focus will shift from the construction and design of new buildings to the renovation of existing buildings to make them "greener". In fact, a growing number of cities are installing or are preparing to install new green building mandates, primarily in the commercial sector.
These projects should mean more opportunities for contractors and design professionals who know how to build green, and should also lead to healthier and more sustainable environments for all of us.