Source: McGraw-Hill Construction, New York City
The U.S. green building market continues to accelerate, its growth spiraling from $10 billion in 2005 to $78 billion last year, and pacing a $204 billion–$248 billion level by 2016. McGraw-Hill Construction’s 2013 Dodge Construction Green Outlook report also finds a projected 2012 market, nonresidential and residential combined, valued at $85 billion, climbing an additional $13 billion to $19 billion next year.
According to the report, green building remains a bright spot in a still uncertain economy, expected to represent 44 percent of all commercial and institutional construction in 2012, growing up to 55 percent by 2016. Residential green construction is also on the rise. It is expected that by the end of 2012, green homes will comprise 20 percent of the market, and in 2013 a 22–25 percent share by value is expected, equating to a $34-$38 billion opportunity. By 2016, this share by value is expected to increase to 29–38 percent—an estimated $89–$116 billion based on the current single-family residential construction forecast.
“We’re seeing tremendous growth in green building, providing a bright light in an otherwise uncertain economy,” says McGraw-Hill Construction’s Harvey Bernstein, vice president, Industry Insights and Alliances. “Not only does this mean a strong outlook for green building, but also the benefits that go along with that: more jobs, greater financial benefits from green and high performance buildings, stronger competitive positioning for those firms that build green, and healthier work and learning environments for our population.”
Among other key 2013 Dodge Construction Green Outlook points:
• Health-related green building labels are taking force in construction specifications, growing more rapidly than any other aspect of green, according to Dodge SpecShare.
• One third of all home builders in the U.S. expect to be fully dedicated to building green by 2016.
• 81 percent of executive leaders in corporate America believe the public expects them to engage in sustainability—one of the key forces driving corporations to institutionalize some green efforts.
• 30 percent of senior executive officers report that they are greening two-thirds of the buildings in their portfolio, with 47 percent expecting to do so by 2015.
The 2013 Dodge Construction Green Outlook is produced by a staff of researchers, economists and analysts, drawing from its Dodge project database, construction forecasts, proprietary market research, and secondary research, as well as extensive data and trend analysis. In addition to the sizing numbers by sector, the Outlook also covers the benefits of green building investments, construction industry players and green jobs, key green building trends, green building products, and benefits of green and high performance investments. — http://construction.com/market_research