The confluence of a stagnant housing market and consumer desire to save money is creating a green home building boom that could be worth up to $114 billion by 2016, according to a new report from McGraw Hill Construction.
Green homes represented $17 billion, or 17 percent of the overall construction market in 2011. This figure is double 2008’s 8-percent market share (valued at $10 billion) and has been a “bright spot in an otherwise dismal market.” But green building’s market share is expected to sharply rise to 29-38 percent across a five-year forecast for overall residential construction – potentially an $87-114 billion opportunity.
416 National Association of Home Builders builder and remodeler member companies were surveyed in Q4 2011 on their green building practices to compile the report, “New and Remodeled Green Homes: Transforming the Residential Marketplace,” which focused on single-family home building and remodeling.
According to the report, the two key factors driving market growth are the facts that green homes are seen as higher quality, and that they save consumers money on utility bills. “Home that are not only green, but also offer the combination of higher quality and better value have a major competitive edge over traditional homes,” said Harvey Bernstein, vice president of industry insights and alliances at McGraw-Hill.
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Peace and Prosperity,
Rich @ NY Homesteader