A new report produced by McGraw-Hill Construction and released during the National Green Building Conference and Expo in Nashville this week estimates that the green homes share of the construction market will rise 29% – 38% by 2016 after having accounted for about 17% of the market in 2011.
The “SmartMarket Report – New and Remodeled Green Homes: Transforming the Residential Market,” was developed by McGraw-Hill in conjunction with NAHB and Waste Management to provide key insights into product and market opportunities in the single-family home building and remodeling industries. It is backed by proprietary research surveys and the McGraw-Hill Construction Dodge database, and its findings are rather eye-opening. Based on the five-year forecast for overall residential construction, it says that green building could potentially be an $87-$114 billion market by 2016. The report finds that two key factors driving this growth are the perception that green homes are of higher quality and the fact that they save consumers money. Commenting on the report’s findings, NAHB Chairman Barry Rutenberg said, “The results of this research highlight the tremendous growth that is expected in green building and the potential market opportunities that lie ahead. As more projects seek green certification, NAHB and the NAHB Research Center stand ready to meet the demands of this exciting and ever-changing market.”