Stephen Lacey reports on findings in a new McGraw-Hill Construction survey that show the growing strength of the green residential construction sector.
Mirroring trends in the overall construction sector, green projects are expanding their foothold in the industry. Already at 17% of the residential construction market in 2011, according to the survey, "the value of the residential green building market is expected to grow five-fold by 2016, taking up to 38% of the market and representing $87 billion – $114 billion."
According to Lacey, "With the construction industry still recovering in the U.S., companies offering "green" services may be able to set themselves apart and grow business faster."
While the near future for new construction looks impressive, the green retrofit market is already out in front, "with 62% of firms saying green services helped them increase work last year. Just over one third of remodelers say they'll be doing mostly green work by 2016. This mirrors trends in the commercial sector, where LEED-certified retrofits surpassed new builds for the first time ever in 2011."
Read the full story: Green Homes Made Up 17% of U.S. Residential Construction Market in 2011, Expected to Grow 5-Fold by 2016
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