The U.S. green building market is continuing to grow, according to McGraw-Hill Construction’s 2013 Dodge Construction Green Outlook report. The value of green building has been steadily rising, growing from $10 billion in 2005 to $78 billion in 2011. The total market, residential and non-residential, is expected to be worth $85 billion in 2012; by 2013, it is projected that overall new green building will rise to between $98 billion and $106 billion. Estimates predict green building will reach $204 billion to $248 billion by 2016.
Green building is on the rise; it is expected to represent 44 percent of all commercial and institutional construction by 2012, growing to 55 percent by 2016. Residential green construction is also growing; by the end of 2012, green construction is expected to make up 20 percent of the market. Based on the current single-family residential construction forecast, the market share is predicted to grow to 22-25 percent in 2013, resulting in a $34-$38 billion opportunity. This share by value is expected to increase to 29-38 percent by 2016- an estimated $89-$116 billion value.
“We’re seeing tremendous growth in green building, providing a bright light in an otherwise uncertain economy,” said Harvey M. Bernstein, vice president, Industry Insights and Alliances for McGraw-Hill Construction. “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.”
The report also found that one of the key forces driving corporations to implement some green efforts is the public’s demand for greener buildings. 81 percent of executive leaders in corporate America believe the public expects them to engage in sustainability. This has resulted in action- 30 percent of senior executive officers report that they are greening two-thirds of the buildings in their portfolio, and 47 percent are expecting to do so by 2015.
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