Green-certified single-family and multifamily housing currently contributes about 45 percent of the value of all construction projects started in the U.S. According to a recent study from McGraw Hill Construction, a leading publisher of construction information in the U. S. and Canada, this trend is expected to grow. McGraw Hill anticipates that green single-family housing alone will account for approximately 26-33 percent of the U.S. market by 2016, equating to an impressive $80-101 billion dollars.
The study, “Green Multifamily & Single Family Homes: Growth in a Recovering Market,” surveyed builder and remodeler members of the National Association of Home Builders (NAHB), a leading trade association for housing construction, and provides an overview of the residential green building market from the housing boom, through the recession and today. Here are some of the key findings:
The study analyzes the reasons behind green building growth. For single-family homes, the growth stems from greater consumer demand and an increasing number of lenders and appraisers who recognize the value of green homes. The study also found that the multifamily market is more driven by cost factors such as the availability of government or utility incentives, as well as enhancing their competitive position and corporate image.
In both sectors, the value of green building was seen as a driving factor for growth, with builders and remodelers in both the single-family and multifamily categories reporting that the market is recognizing the value of green: 73 percent of single family builders (up from 61 percent since the last report) and 68 percent of multifamily builders say consumers will pay more for green homes.
Click here to read the press release from the NAHB and here to view the full report.